Major Korean Crypto Exchange Bithumb Announce Expansion to Japan and Thailand
Major South Korean cryptocurrency exchange Bithumb is expanding into Japan and Thailand and is currently working on obtaining regulatory approval in these jurisdictions, Bitcoin.com reported referring to a local news source.
The company has already set up a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (approximately $90,000). It is now seeking approval from the Thai Securities and Exchange Commission (SEC) and plans to start its operations by the end of October.
In addition, the exchange is working on obtaining approval from Japan’s Financial Services Agency (FSA) and plans to open a mega crypto exchange that will support the largest number of coins in Japan next year.
Bithumb’s move into Japan and Thailand is part of its global expansion plan. Money Today reported that the exchange has also established a subsidiary in Singapore and Britain.
“We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined,” Bithumb said.
“Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.”
The potential partners, it clarified, would include “cash (deposit/remittance/debit) management processing, the operation of an exchange platform, [and] marketing & promotion and customer service.”
Last month, Bithumb suffered a major hack in which it lost 19 billion won (approximately $17 million) worth of cryptocurrencies. The exchange is currently offering free transaction fee to compensate users who were affected by withdrawal halt during the period of the attack. At the time of writing, Bithumb is the third largest cryptocurrency exchange with a 24-hour trade volume of $1.2 billion.