Bithumb’s Hong Kong affiliates are reportedly facing a civil suit for breach of contract. According to a Tuesday report by the Korea Times, the suit is being initiated by a former Bithumb partner in Thailand, which is accusing the South Korean-headquartered exchange of unilaterally halting its business in Thailand and causing major losses. The Thai firm — which remains unnamed — is reportedly preparing to file a lawsuit against Bithumb’s Hong Kong subsidiaries, including Bithumb Global Holdings and GBEX, as well as top company executives in July. According to the plaintiff firm, Bithumb’s Hong Kong-based entities were allegedly involved in …
Major South Korean internet company Naver has reportedly begun negotiations to acquire a stake in the country’s largest cryptocurrency exchange, Bithumb. Naver has discussed a potential equity stake acquisition with major Bithumb stakeholder Vidente, local publication the Maeil Business Newspaper reported Monday, citing several unnamed sources. Naver is the provider of South Korea’s largest search engine and Line messenger, and is reportedly seeking to expand its platform’s presence in the country’s fintech market. The internet giant is reportedly planning to add Bitcoin (BTC) as a payment option on its payment services Naver Pay as well as Line Pay in Japan …
South Korean crypto exchanges that don't take extensive data collection and identity verification measures could soon be subject to heavy fines. According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs. The proposal introduces new VASP penalty standards as well as simplifying and integrating existing penalty rules for the industry. As part of the revised proposal, the FSC will be able to fine VASPs for failure to report and record suspicious transactions. Fines will vary depending on the severity and character of …
One of South Korea’s biggest banks is planning to intensify regulations on accounts linked to crypto exchanges, BEI News reported on July 1. The “special measures” Shinhan Bank are proposing would reportedly involve dedicating staff to analyzing account transactions. It is believed the bank is hoping to distance itself from claims that it is helping financial criminals, amid a rise in the number of fraud cases involving exchanges. Later in July, the bank is also hoping to launch an artificial intelligence monitoring system that uses deep learning to identify fraudulent transactions more quickly and accurately. BEI News quoted a Shinhan …
South Korea's leading virtual currency exchange Bithumb has partnered with Asian e-commerce giant Qoo10 to provide a cryptocurrency payment service, according to an official announcement Nov. 7. Qoo10, the so called “Asian Amazon,” is a leading South Korean e-commerce company in pan-Asian markets such as Singapore, Hong Kong, China, and Indonesia. The press release notes that the partnership will expand the Bithumb cash payment service as a global payment method. The two companies initially signed a contract in August and proceeded to work with the Qoo10 settlement service and Bithumb Cache system. Introduced by Bithumb this spring, Bithumb Cache is …