Services resumed for Bithumb and UPbit, South Korea's cryptocurrency exchanges

Image source: pixabay - Free-Photos

Based on the report on news.bitcoin - Kevin Helms, Bithumb has resumes its deposit and withdrawals for nine cryptocurrencies on the 4th August. Coins that will be listed include BTC, ETH, ETC, XRP, LTC, BCH, ZEC, QTUM, and MITH. XMR (Monero) was left out without explanation.

Previously Bithumb announced on Twitter in June 2018 the transferring of all assets a the cold wallet to "build up the security system and upgrade DB". Subsequently, "All deposit and withdrawal service will be stopped to make sure the security." as posted on Twitter. The news was also posted on Steemit two months ago.

Bithumb later posted that the exchange has resumed its services:

"Bithumb has been undergoing system security check and security upgrade, the enhancement in the customers’ order to secure our asset. As the security check and upgrade have been completed, we would like to re-open cryptocurrency deposit and withdrawal services."
Source: news.bitcoin - Kevin Helms

Image source: pixabay - stevepb

Previously in May, local authorities investigated the South Korea cryptocurrency exchange, UPbit, due to concerns that the exchange may not have sufficient funds to repay customers during withdrawal. The investigation was led by the Financial Services Commission (FSC), along with the Korea Financial Intelligence Unit (KFIU). Yoojin, one of South Korea's largest accounting firms, as well as Dunamoo, a subsidiary company of Korean internet giant Kakao, evaluated UPbit and audit clearance was announced. Source: For(ads)bes - Billy Bambrough.

"UPbit currently has the exact amount of money held by the platform’s investors along with additional funds, more than enough to compensate every investor. Hence, UPbit is able to process withdrawals for customers upon the request of its customers and the exchange will continue to release audit reports on a regular basis to prove its solvency.” said Lee Seok-woo, the president of Dunamoo.
Source: For(ads)bes - Billy Bambrough

It is well known that South Korea's crypto exchanges are operated with the backing of large corporations. Kakao, the country’s largest internet conglomerate, has operated UPbit since 2017 while Shinhan Bank, the biggest commercial bank in South Korea, is the lead investor in Gopax. Source: newsbtc - Joseph Young. Korbit exchange was acquired by NXC, the parent company of $10 billion gaming giant Nexon.

Image source: pixabay - algrin25

In the fierce competition of tech innovation in South Korea, partnerships with multi-billion dollar conglomerates have helped to propel smaller companies with better connections backed by a good track record. The initiative creates a viable ecosystem for cryptocurrencies and the financial markets, benefiting the country's overall economy.

The sign up for self-regulatory review of cryptocurrency exchanges have seen a total of 12 exchanges getting a green light from Korea Blockchain Association. They include Bithumb, Upbit, Korbit, Coinone, Dexko, Neoframe, Gopax, OKCoin Korea, Coinzest, Coinplug, Hanbitco and Huobi Korea. Source: theinvestor - Ahn. The security measures were put in place to prevent price manipulation and money laundering.

We have yet to see another country seriously pumping up the efforts for tech innovation and being supportive of blockchain technologies as much as South Korea. Staying ahead of financial innovation is likely to position South Korea for optimal economic growth.

-tysler