Bithumb and Coinone Report Repair Result Delayed Again — Panic Sets In -Breaking
[ad_1]
Bithumb and Coinone Report Repair Result Delayed Again — Panic Sets In- As the Korean finance authorities fail publish reports about Coinone and Bithumb, panic sets in.
- Many theories are formed as to why the two exchanges’ virtual asset reports haven’t been announced.
Two months ago South Korean exchanges known as the ‘The Big Four’ registered with the Korean Financial Intelligence Unit (FIU) in September in compliance with the Korean digital asset regulations. The results from two exchanges, Bithumb, and Coinone, have been withheld for the second consecutive time. There are speculations about these exchanges.
Following the South Korean crackdown, ‘The Big Four’ namely, Upbit, Bithumb, Coinone, and Korbit, who control 90% of the crypto asset trading volume in South Korea secured contracts with banks for real-name verification from the Korean Internet and Security Agency around September 23. FIU was also granted clearance for them to use the virtual asset provider status.
Only Upbit and Korbit received reports from the exchanges as virtual asset managers at the time. However, the Korean financial authorities have yet to provide a reason as to why they delayed accepting the report. The Korean cryptocurrency market remains confused as to the reason Upbit failed to be repaired in three weeks after reporting. However, Coinone and Bithumb results have been delayed.
Korbit was the next exchange to get the November 1 report. Bithumb and Coinone, which completed the business reports a day before Korbit received no notice.
What’s more, the delay and abrupt silence from both exchanges have created various theories and speculations. Also, the fact that its customers only got a ‘wait for now’ signal without further explanations adds to the panic. For this reason, some say the prosecution of Bithumb’s former Chairman Lee on the charges of fraud related to the listing of BXA tokens is one of the causes.
Some also pointed out the fact that there are more listed coins than competitors. A total of 180 cryptos were also listed on Bithumb Won. Coinone also has 188 cryptos listed.
In addition, it is possible that Coinone and Bithumb are involved in money laundering. Therefore, they are being investigated by the Anti-Money Laundering (AML) Force, which has led to the delays.
According to a report, Coinone and Bithumb questioned FIU regarding the reason for the delay. They were informed that there was a lot more work involved in the repairs. We will continue to monitor the situation and update you as soon as possible.
Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information, including buy/sell signal data. You should be aware of the potential risks and financial costs involved in trading the financial market. It is one the most dangerous investment types.
[ad_2]