The largest South Korean exchange Bithumb will release its own token in Singapore

The largest South Korean exchange Bithumb will release its own token in Singapore

As reported by the local news channel TokenPost, Bithumb, one of the largest cryptocurrency exchanges in South Korea, recently announced that it will release its own token Coin Bithumb as a result of the ICO.

Tokens Bithumb will be released in Singapore, as in South Korea conducting the ICO is prohibited. Bithumb is going to focus exclusively on large investors. Date, ICO is still unknown, as the amount that plans to collect exchange.

Bithumb not the first cryptocurrency exchange, which is going to release its own token. In January the Chinese Huobi announced their plans to release a Token Huobi (HT), the emission of which will be limited to 500 million tokens. Huobi note that the token will not be distributed via ICO, and only the active users of the exchange will be able to get HT.

The financial services Commission of South Korea (FSC) has announced a ban on the holding of ICO at the end of September 2017, citing an increase in the number of fraudulent projects in this area. In March we reported that the South Korean government said about the possible lifting of the ban. While FSC is skeptical of the ICO, the local financial authorities shall make every effort to they were again permitted, subject to compliance with KYC and AML policy.

A South Korean cryptocurrency exchanges are working to open branches abroad. Earlier this week, Coinone, the third largest cryptocurrency exchange in South Korea, announced its plans to open a representative office in Indonesia.

Let's Disqus