Bithumb Exchange From South Korea Issues Own Token in Singapore

The leading cryptocurrency exchange in South Korea Bithumb recently has revealed its plans of issuing own cryptocurrency called Bithumb Coin, according to the local news report.

The report says, that Bithumb token sale will be conducted in Singapore, because there is ban against ICOs in the country. Bithumb is reportedly focusing on large-scale investors rather than individual investors. According to a report, Bithumb didn’t confirm the time of launching coin or the venture size.

Bithumb is not the first crypto exchange to launch its own token. In January, Chinese crypto exchange Huobi announced its plans to issue Huobi Token (HT) that would be capped at 500 mln tokens. Huobi noted that the token would not be an ICO, claiming that only active users of the trading platform would be able to receive HT.

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The Financial Services Commission (FSC) in the country announced a ban on ICOs late in September and mentioned the growing risks of financial scams. Early in March, there was a report that South Korean government has plans of legalizing ICOs. The local financial authorities are attempting to authorize them by enabling strict Know Your Customer and Anti-Money Laundering systems, while the FSC remains skeptical toward ICOs.

There are several South Korean cryptocurrency exchanges aiming to open branches abroad. The number three south-korean crypto exchange Coinone announced this week its plans of launching an exchange in Indonesia.

The leading cryptocurrency exchange in South Korea Bithumb recently has revealed its plans of issuing own cryptocurrency called Bithumb Coin, according to the local news report.

The report says, that Bithumb token sale will be conducted in Singapore, because there is ban against ICOs in the country. Bithumb is reportedly focusing on large-scale investors rather than individual investors. According to TokenPost, Bithumb didn’t confirm the time of launching coin or the venture size.

Bithumb is not the first crypto exchange to launch its own token. In January, Chinese crypto exchange Huobi announced its plans to issue Huobi Token (HT) that would be capped at 500 mln tokens. Huobi noted that the token would not be an ICO, claiming that only active users of the trading platform would be able to receive HT.

The Financial Services Commission (FSC) in the country announced a ban on ICOs late in September and mentioned the growing risks of financial scams. Early in March, there was a report that South Korean government has plans of legalizing ICOs. The local financial authorities are attempting to authorize them by enabling strict Know Your Customer and Anti-Money Laundering systems, while the FSC remains skeptical toward ICOs.

There are several South Korean cryptocurrency exchanges aiming to open branches abroad. The number three south-korean crypto exchange Coinone announced this week its plans of launching an exchange in Indonesia.

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