Bithumb is taking over Asian markets

According to ZDNet, the South Korean exchange Bithumb plans to expand its activities in Japan and Thailand. The company has already submitted applications for licenses to the Financial Services Agency of Japan and the Exchange Commission of Thailand.

Bithumb, South Korea's largest cryptocurrency exchange, processed more than $596 million in transactions in the last 24 hours. In 2017, its profit was 171 times greater than its profit in 2016. The company continues to expand. Bithumb's London office was opened in May.

However, it was not without problems.

In May, the cryptocurrency was removed from Bithumb's listing after people discovered that its creators were employees of the company. Some users learned that this cryptocurrency also did not go through any generally accepted procedures before appearing on the exchange. And in June hackers managed to steal approximately $31 million in user cryptocurrency. Bithumb management promised to pay these funds out of their own pockets.

Japan and Thailand are two jurisdictions that are quite friendly towards cryptocurrencies. Japan was an early adopter of Bitcoin, although the number of major hacks on local exchanges has prompted the government to tighten measures a bit. The country's financial regulator is currently considering the possibility of writing new consumer protection laws.

Thailand began regulating cryptocurrency in May of this year. Regarding this, company representatives stated: “The Thai government is actively engaged in the development of the fintech industry and shows great interest in digital currencies as they contribute to the development of business in the city.”

Regarding Japan: “Japan is 50% of the global financial market, we are in Bithumb believes that Japan plays a major role in the global economy.”

According to financemagnates.com