Bithumb, Coinone Report Repair Result Delayed Again – Panic Sets In By CoinQuora
Bithumb and Coinone report repair outcome delayed again – Panic sets in
- Panic sets in as Korean financial authorities fail to release reports on Bithumb and Coinone.
- There are many theories forming as to why the virtual asset reports of the two exchanges have not been announced.
Two months ago, South Korean exchanges known as “The Big Four” registered with the Korean Financial Intelligence Unit (FIU) in September in accordance with Korea’s digital asset regulations. However, for the second time in a row, the results of two of the exchanges, Bithumb and Coinone, have not been released. As a result, speculations arise on the exchanges.
As a result of the South Korean crackdown, the “Big Four” namely Upbit, Bithumb, Coinone and Korbit, which control 90% of the volume of crypto asset trading in South Korea entered into contracts with banks to Korean Internet and Security real name verification. Agency around September 23. Following the registration, they submitted it to the FIU for authorization to operate as a provider of virtual assets.
So far, only Upbit and Korbit have received reports as virtual asset operators on all four exchanges. Korean financial authorities have not yet given a specific reason for the delay in accepting the report. Because of this, the Korean crypto market is in a state of confusion as to why Upbit was fixed within three weeks of the report, but Bithumb and Coinone’s results are being delayed.
Subsequently, Korbit is the second exchange to receive the report on November 1. However, Bithumb and Coinone who completed the trading report a day before Korbit received no notice.
In addition, the delay and abrupt silence of the two exchanges created various theories and speculations. In addition, the fact that its customers only received a “wait now” signal with no further explanation adds to the panic. For this reason, some say that the prosecution of former chairman Bithumb Lee over the BXA token list fraud charges is one of the causes.
In addition, some also point out that another problem is that the number of parts listed is higher than that of the competitors. In addition, a total of 180 cryptocurrencies were listed on the Bithumb Won market. Likewise, Coinone has 188 cryptos listed.
On top of that, there are assumptions that Bithumb and Coinone face a money laundering dilemma. As a result, the Anti-Money Laundering Force (AML) is investigating their cases, causing the delay.
Conversely, a new report alleges that Bithumb and Coinone asked the FIU about the cause of the delay. In response, they were told that the repair schedule had been delayed due to extensive treatment work. At this point, we will need to follow up on the case and report new developments.
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