Bithumb Crypto Exchange Registrations Reopen




South Korean digital currency exchange Bithumb has reportedly reopened registration features for new customers, after reaching a new bank services agreement with its banking partner, Nonghyup Bank. That agreement includes greater real-name registration protections that comply with the government’s focus on eliminating anonymous digital currency trading, according to Yonhap News.

Trading volume on Bithumb appears to have responded favorably to the news. Trading volume on Thursday exceeded $335 million, according to Coinmarketcap. That was enough to launch the exchange into the fifth spot on that site’s list of the top cryptocurrency exchanges as ranked by trading volume. Just days prior, the exchange was nineteenth on that list with just $60 million in trading volume.

The Bithumb exchange was attacked in June 2018 by cyber hackers who stole about $30 million. The company reportedly moved quickly to protect its customers assets and was able to recover nearly half of the stolen funds within just days of the attack.

The company had announced the suspension of new registrations in a July 31 blog post, as it initiated a “service improvement process” for its customer accounts. At the time, news outlets suggested that the suspension of registrations was likely due to Bithumb’s struggles to renew its banking service contract with Nonghyup. That suspension of new registrations prompted a 40 percent decline in trading volume in a matter of days - from $350 million to $200 million.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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