South Korea’s Bithumb has reportedly begun the initial public offering process, with the help of Samsung Securities as its underwriter.
The return to profit follows extensive losses incurred in 2018, which saw the exchange slide US$170 million into the red.
Huobi Korea delisted Monero a few days ago after it emerged the darkcoin was used in a sex scandal involving minors. Bithumb is under pressure to do so too.
South Korea is gripped by a child porn scandal that has caused national uproar. And now, the four largest digital currency exchanges are helping investigators.
Bithumb digital currencies exchange has integrated the Reactor investigation tool from Chainalysis to scrutinize transactions more and comply with new laws
Bitcoin SV was added to Bithumb Global’s Main Board, allowing users to make deposits and trades in the original Bitcoin.
Bithumb has filed a complaint with a court in South Korea, as it seeks to nullify a $69 million bill from the country’s tax agency.
Bithumb plans to invest $8M in the country’s regulatory sandbox in the crypto-friendly city of Busan, the first time an exchange will partner local gov’t.
The crypto exchange’s largest shareholder learned about the taxes days ago after acquiring a majority stake in the firm, intends on seeking legal redress.
The Korean exchange hopes it can succeed where other have failed by working with the regulators to launch an exchange with a difference from the rest.
Bithumb’s deal looks like it might fall apart as deadlines have been missed, and employees are being laid off.