{"id":9090,"date":"2021-07-03T09:54:26","date_gmt":"2021-07-03T09:54:26","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/south-korean-crypto-exchange-bithumb-bans-employees-from-trading-bitcoin\/"},"modified":"2021-07-03T09:54:26","modified_gmt":"2021-07-03T09:54:26","slug":"south-korean-crypto-exchange-bithumb-bans-employees-from-trading-bitcoin","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/south-korean-crypto-exchange-bithumb-bans-employees-from-trading-bitcoin\/","title":{"rendered":"South Korean Crypto Exchange Bithumb Bans Employees from Trading Bitcoin"},"content":{"rendered":"

One of the largest South Korean cryptocurrency exchanges, in terms of trade volume, Bithumb, has announced that employees are banned from trading bitcoin on the exchange platform. The company\u2019s chief executive officer revealed the decision in a Bithumb newsletter focused on improving \u201ctransaction transparency.\u201d<\/strong><\/p>\n

Bithumb Bans Employee Bitcoin Trading \u2013 Will Monitor for Individuals Who Don\u2019t Comply<\/h2>\n

The cryptocurrency trading platform Bithumb has revealed<\/a> that employees are now restricted from leveraging the exchange. This means that Bithumb employees can no longer obtain an internal account on the South Korean cryptocurrency exchange.
\nBithumb\u2019s chief executive officer wrote in the newsletter that the move is focused on improving \u201ctransaction transparency.\u201d Additionally, leaking undisclosed information and participating in unfair trade practices and market price manipulation is also prohibited in order to \u201censure transparent operation.\u201d
\nThe South Korean cryptocurrency exchange further says that \u201cBithumb is continuously strengthening compliance management and internal control by providing training to acquire the International Standard Compliance Management System certification.\u201d
\nAccording to the announcement, Bithumb\u2019s management told employees in June that by July: \u201cBithumb trading accounts for investment purposes by employees\u201d would be banned indefinitely.
\nThe announcement explains that Bithumb employees have taken an oath to withdraw last month and to stop leveraging the trading platform. \u201cFrom this month on, we will strictly manage whether or not employees comply with the regulations through continuous monitoring, self-audits, and internal reporting system operations.\u201d
\nThe employee ban follows the recent closed-door meeting<\/a> between South Korean regulators and 20 digital currency exchanges. The meeting was after the Financial Supervisory Service of South Korea explained<\/a> that it would oversee South Korea\u2019s cryptocurrency market.<\/p>\n

<\/p>\n

In addition to the increased regulations, officials have been concerned<\/a> about South Korea\u2019s \u2018kimchi premium<\/a>,\u2019 as crypto assets have seen higher fiat values in the Korean won in comparison to the global exchange rate.
\nOn Friday morning at 11 a.m. (EDT) the price of bitcoin (BTC<\/a>) exchanged hands for $33,529 per unit. However, during the same time frame on Bithumb, the price of BTC<\/a> is $1,140 higher<\/a> than the global average at $34,669.
\nAt the time of writing, Bithumb has over $1 billion in global trade volume or 31,499 BTC<\/a> during the last 24 hours.<\/p>\n

What do you think about Bithumb restricting employees from trading bitcoin? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nExchanges, Bitcoin, Bitcoin (BTC), Bithumb, Bithumb Employee ban, Bithumb employees, crypto exchange, crypto trading, Digital Currency Exchange, kimchi premium, Korean Won, South Korea, south korean crypto exchange<\/p>\n","protected":false},"excerpt":{"rendered":"

One of the largest South Korean cryptocurrency exchanges, in terms of trade volume, Bithumb, has announced that employees are banned from trading bitcoin on the exchange platform. The company\u2019s chief executive officer revealed the decision in a Bithumb newsletter focused on improving \u201ctransaction transparency.\u201d Bithumb Bans Employee Bitcoin Trading \u2013 Will Monitor for Individuals Who…<\/p>\n","protected":false},"author":0,"featured_media":9091,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9090","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9090"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9090"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9090\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9091"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9090"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9090"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9090"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}