According to a press release dated August 20 2019, Singaporean fintech company RDMCHAIN PTE. LTD has successfully rebranded its cryptocurrency exchange from “BITHOLIC” to “Bithumb Singapore” as part of an expansion campaign in partnership with major Korean exchange.
New Partnership and Rebranding
Singapore-based cryptocurrency exchange BITHOLIC has now officially changed its name to “Bithumb Singapore”. Bithumb is the second-largest exchange in Korea, after Upbit and is one of the earliest and most known crypto exchanges in the world. Bithumb Singapore, who is an independent affiliate of the largest Korean exchange, has re-branded as part of an overseas expansion for the group. The rebranding announced on the 14th of August through an official notice on their website, took place on the 19th of August 2019 at 10:00 (UTC+8).
Moreover, to promote its expansion campaign, Bithumb Singapore is holding several events to trigger customer acquisition. Events like “Share Event”, “New User Event”, “Level 2 Verification” and “Airdrop Event” will be held between until the 2nd of September 2019 and will feature various rewards in TrueUSD (TUSD) for the participants.
The Bithumb Group
Bithumb Singapore (formerly BITHOLIC) shareholders structure has never been disclosed even in the wake of this new partnership initiative. Instead, Bithumb was acquired by the BK Global Consortium for $354 million back in October 2018 according to a report by The Business Times.
Bithumb has recently launched its global exchange service aimed at providing its users with more fiat currency trading pairs, as well as a perpetual futures trading contract with up to 100 times leverage.
Furthermore, it has also been under legal action allegedly for the insufficient safeguarding of its users’ personal information. Lawyers alleged that Bithumb stored its customers’ data on employee computers with no encryption or security update software – However, no final decision has been made yet.
Tougher Regulatory Landscape
Korean exchanges are also facing stricter scrutiny by commercial banks in order to renew their banking services. As described in a recent article, The ‘Big Four’ Bitcoin exchanges in South Korea — Upbit, Korbit, Bithumb, and Coinone, will have to satisfy stricter anti-money laundering (AML) controls as a prerequisite for continuation of banking services. The revelation comes as the intergovernmental Financial Action Task Force (FATF) continues to urge countries to enact stricter regulatory controls over the crypto industry.