Bithumb breaks brand partnerships with 2 foreign stock exchanges
As South Korea strengthens its grip on the crypto industry, Bithumb breaks brand partnerships with two foreign exchanges. They are currently preparing to comply with the country’s stricter laws which will begin in September. This decision of the company will also reduce its income, as I am pretty sure that it has made a lot of money from these brands. The two companies that will no longer be able to use Bithumb’s name are Bithumb Global and Bithumb Singapore.
Bithumb breaks its brand partnership
Bithumb’s partnership with these two companies will end on the last day of July. Until then, they will be allowed to operate under the name. The company pointed out that these foreign exchanges will not be allowed to use their logos and brands. Thus, they will now have to work on their own identity to replace Bithumb’s name. The end of this partnership will also be decisive for foreign trade. Bithumb said the reason they were using their brand initially was to promote their business. Currently, they are the largest crypto exchange in South Korea, which makes them very influential.
Challenges in South Korea
Crypto exchanges in South Korea face many problems. They are constantly monitored and find it difficult to operate in the country. Even banks are unwilling to work with them on the claim that crypto is susceptible to money laundering, fraud, hacking, etc. Many small exchanges will close in September when the new government rules are implemented. And on the other hand, larger exchanges like Bithumb will continue to operate by accepting these new laws and restrictions.
What do you think of the heightened surveillance in South Korea as Bithumb breaks brand partnerships? And do you think these challenges will slowly fade away as crypto is used more and more? Let us know in the comments below. Also, if you found our content informative, like it and share it with your friends.
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