July 25, 2024
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Bithumb, Crypto exchange Acquires South Korea Regulatory Approval


The FIU announces registering Bithumb as an official virtual asset business.

Notably, The country’s other three major exchanges; Upbit, Coinone and Korbit has approval under the FIU. More so, Some media reports attributes the long postponement to the ongoing trial of Bithumb major shareholder Lee Jung-hoon. That’s, after he was indicted with fraud charges.

Furthermore, Bithumb CEO, Heo Back-young in an announcement praises users. Then, promises to
“do best to focus on introducing cryptocurrencies based on a strict listing process”
Also, that the exchange will “put investor protection as a top priority.”

Process to Gain Approval Like Bithumb

So, Exchanges will firstly receive an Information Security Management System (ISMS) certification. Of course, this proves their capabilities in protecting users’ personal information.

Furthermore, they will get a partnership deal with a local bank in South Korea to provide crypto exchange users with withdrawal. Also, and deposit bank accounts under their real names.

More so, This is to minimize risk of crimes like money laundering, embezzlement or price manipulation.

Lastly, On same day as Bithumb, the FIU also approves business reports from Flybit and GDAC. Which are, the two of the smaller exchanges in South Korea.
But, they are yet to secure a bank partnership, they cannot offer services like cash-to-crypto.

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