Bithumb exchange, South Korea, announced the end of license of using their name by Bithumb Global and Bithumb Singapore. After 30 July these two exchanges will no longer have rights to use their name “Bithumb”.
On 16 July, South Korean cryptocurrency exchange Bithumb announced that the license to use their name by Bithumb Global and Bithumb Singapore is going to expire on 30 July. Bithumb Global and Bithumb Singapore are not allowed to use their name. They are doing this because they don’t want any type of problem regarding money laundering from these two exchanges because Bithumb Korean can’t control these two exchanges in their own way, so they decided to end this license. So after 30 July Bithumb Global and Bithumb Singapore will work independently and will have no connection with Bithumb Korea.
Oh Moon-sung, a professor at Hanyang Women’s University, said
“If its foreign affiliates that have only trademark rights agreements are caught up in money laundering controversies, it will have a considerable negative impact on Bithumb Korea. Bithumb seems to want to prevent such incidents in advance.”
So clearly Korean exchange Bithumb don’t want any type of negative impact on their services because of any controversies by other exchanges which are using their name.
According to Coindesk Korea, Bithumb Singapore will rename their name to Bitholic but Bithumb Global has not decided the name yet.
Here, it should be noticed, A man filed a lawsuit against Bithumb Hong Kong subsidiaries to take money for a new exchange startup in Thailand under Bithumb. The man who filed a lawsuit against the people who took Investment from him & claimed that there are many high level players of Bithumb ( all groups of Bithumb exchange) who did Investment to start Bithumb Thailand exchange but they revoked their plan and they didn’t inform him which leads into big loss for him. And also he said that he will file a lawsuit against all the subsidiaries of Bithumb.
Probably Bithumb Korean Exchange is taking this decision because of such types of activities that are going without their permission & without knowing them.