Bithumb Announces Resuming Asset Management Operations
Bithumb exchange is once again offering withdrawal and deposit services for several digital currencies following a recent hack on the platform. Additionally, Upbit, another big-league cryptocurrency exchange in SK published an audit report displaying how even more cryptocurrency and fiat cash funds than were required for customers.
Back on Track
As the leading cryptocurrency exchange in South Korea, Bithumb has announced on the 4th of August that its platform would begin resuming deposits and withdrawals for a few digital currencies, nine to be specific. The cryptocurrencies that will see transactions once against are Bitcoin, ETH, Ethereum Classic, Ripple and more. Two days before the reveal, the list of coins was shortened from 10 coins.
Following statements from the exchange, Bithumb has said that it was currently in the process of upgrading several factors, including security checks on the network adding that once both conditions have been met, upgrading and checking security, the company aims at resuming its services.
The platform did, however, state that a few coins with a variation in price around 10 percent between its market and others will be left out this time from being added due to safety concerns regarding users and their assets. No new accounts were created after Nonghyup Bank froze the exchanges bank account and forced Bithumb to temporarily halt all new account registration.
The second leading cryptocurrency exchange in SK, Upbit, published an audit paper on the 3rd of August examining over 140 different cryptocurrencies and Bithumb’s deposits. As per Upbit, the report was concluded after inspection into Bithumb’s crypto-wallet and bank account balance. Chief Executive Officer of Dunamu, Lee Sir-goo stated that the company over-stored immense amounts of crypto and fiat stashes than available funds for customers and adding that this ensures every customer receives their funds whenever withdrawing them.
Earlier in 2018, officials began looking into Upbit due to suspicions that the platform was lacking the required and repayable funds for customers as a result of its collaboration with Bittrex. The exchange saw accusations aimed at it involving inflation of total balance while lacking the necessary payments for customers.
Among the leading four cryptocurrency exchanges in South Korea, Korbit is officially the only exchange to solely utilize real-name protocols. After SK’s lawmakers introduced the new system, the exchange has integrated this method into deposit and withdrawal transactions involving digital currency trade. This comes as a means of fully cooperating with the government to spread and expand the crypto-market.
Additionally, Korbit said that Shinhan Bank has upgraded its individual custody policy and all Korbit users will be handled under the bank’s management during this month. As per the new collaboration, Korbit did state that any user failing to fully register with the new identification system will not be able to withdraw the national currency from their accounts.
As the government is adamant about all four major exchanges within the country to begin fully utilizing the new system, the implementation and usage seem to be moving at a very slow speed.