South Korea has been involved in the news due to different restrictions imposed to crypto exchanges in the last months. Indeed, the market is being regulated and the authorities are tying to have everything under control. Among the different complaints that the regulatory authorities have we can mention Know Your Customer (KYC) and Anti Money Laundering (AML) policies, and the protection of investors.

Bithumb, one of the most important cryptocurrency exchanges in the Asian country, published its first audit report. The exchange reports that it has financial reserves that are worth $6 billion dollars and are distributed in 12 virtual currencies. 

Bithumb Prepared in Case its Needed

According to The Korea Times, the company explained that they had 6.3584 won (equal to $5.9186 billion dollars) at the end of 2017. Compared to 2016, the crypto exchange registered an increase of 220 percent.

At the moment of writing this article, Bithumb is the 7th cryptocurrency exchange by trading volume. It has moved $520.62 million dollars and the most traded pairs were XRP/KRW, EOS/KRW, and BTC/KRW, accounting for over 50% of the total trading volume of the exchange.

The coins deposited by clients are 49,559 BTC, 583,004 ETH, 54,383 DASH, 492,897 LTC, 5,560,189 ETC, 597,627,574 XRP, 156,956 BCH, 195728 XMR, 94,261 ZEC, 9,761,686 QTUM, 993,839 BTG, and 63,087,428 EOS.

Bithumb’s own holdings are 3,228 BTC, 24,514 BCH, 65,421 ETH, 7,847 DASH, 100,437 LTC, 387,993 ETC, 40,834,963 XRP, 10,083 XMR, 2,473 ZEC, 324,029 QTUM, 10,590 BTG, and 553,181 EOS.

After the first audit report, local authorities should take into account that there are several enterprises ready to comply with law requirements and protect their customers. Bithumb has a very diversified portfolio that, in case it is needed, it could be used.

Bithumb is also working with Korea Pay’s Service in order to bring crypto payments to 8,000 stores in South Korea.


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