South Korean cryptocurrency exchange Bithumb is toughening its approach to Anti-Money Laundering enforcement with a series of new measures that include trading restrictions, stronger Know Your Customer checks, and specialized blockchain intelligence solutions.
The popular exchange, which has an estimated average of 1 million daily users and a daily transaction volume worth 5–7 billion ($4.4–6.2 million), had a troubled 2020 beset by police investigations over allegations of fraud.
After a series of reported negotiations with various firms for a potential acquisition, major gaming conglomerate Nexon denied it was planning to acquire Bithumb earlier this year. The Korean Herald today cites fresh rumors that JPMorgan and CME Group may now be considering a purchase of majority shares in the exchange.
A local commentator cited by the Herald suggests that Bithumb’s chairman, Lee Jeong-hoon, may be biding time until the exchange’s corporate value “reaches 1 trillion won at…