{"id":9770,"date":"2021-07-18T21:54:40","date_gmt":"2021-07-18T21:54:40","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bithumb-terminates-trademark-agreements-with-2-foreign-based-exchanges\/"},"modified":"2021-07-18T21:54:40","modified_gmt":"2021-07-18T21:54:40","slug":"bithumb-terminates-trademark-agreements-with-2-foreign-based-exchanges","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bithumb-terminates-trademark-agreements-with-2-foreign-based-exchanges\/","title":{"rendered":"Bithumb Terminates Trademark Agreements With 2 Foreign-Based Exchanges"},"content":{"rendered":"

Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two coin trading platforms operating abroad under its brand name. The move comes as digital asset exchanges in South Korea prepare to comply with the country\u2019s stricter regulations for the industry that will be enforced in September. <\/strong><\/p>\n

Bithumb Global and Bithumb Singapore to Change Their Brand Names as Bithumb Ends Trademark Agreements<\/h2>\n

Two cryptocurrency exchanges, Bithumb Global<\/a> and Bithumb Singapore<\/a>, will not be able to use the Bithumb brand name and trademark starting from the last day of this month. Bithumb Korea<\/a> Co., Ltd., operator of the leading South Korean digital currency platform, announced<\/a> its decision to terminate the Trademark License Agreements with the two entities.<\/p>\n

According to the preliminary notice published this week, the termination date for the contracts has been set to Friday, July 30, 2021. The non-exclusive trademark license agreements apply to the usage of the Bithumb logos and trademark, Bithumb detailed in the press release. The Korean company emphasized:<\/p>\n

Please be aware that the said exchanges shall not use Bithumb\u2019s brand and trademark after the expiration date, and they need to use their own brand and trademark thereafter.<\/p>\n

The South Korean exchange pointed out that the two platforms have been operating as independent overseas service providers, separate from Bithumb Korea. Bithumb Global and Bithumb Singapore only borrowed Bithumb Korea\u2019s brand and trademark \u201cto promote their initial business reputation through the usage of the Bithumb brand.\u201d<\/p>\n

Bithumb is a major digital asset exchange and with a score of 8.1, and it currently ranks<\/a> first in South Korea and eighth in the world, according to Coinmarketcap\u2019s Top Cryptocurrency Spot Exchanges list. The platform now has a daily trading volume of more than $550 million. Earlier in July, Bithumb Korea banned<\/a> its employees from trading cryptocurrency and announced it will no longer accept registrations of overseas users starting from Aug. 13.<\/p>\n

<\/p>\n

Korean Crypto Exchanges Face Regulatory Challenges<\/h2>\n

In the past few months, Korean cryptocurrency exchanges have been dealing with various challenges due to the changing regulatory environment in the country. Amendments to South Korea\u2019s Special Funds Act, which went into effect this spring, require them to partner with local banks to ensure traders are issued real-name<\/a> accounts by Sept. 24, when the new rules will be enforced.<\/p>\n

However, leading banking institutions have been reluctant<\/a> to work with the coin trading platforms, fearing exposure to money laundering, hacking, fraud, and other risks<\/a> related to cryptocurrencies. Only the four largest exchanges \u2013 Bithumb, Upbit, Coinone, and Korbit \u2013 have so far managed to establish such cooperation with commercial banks. NH Nonghyup Bank provides services to Bithumb.<\/p>\n

Hundreds of smaller exchanges may have to close down in September, as the Financial Services Commission Chairman Eun Sung-soo warned<\/a> in April, if they fail to secure a partnership agreement with a bank. Addressing the upcoming stricter regulations, a number of platforms, including Bithumb, have started to delist<\/a> some \u201chigh-risk\u201d digital coins and issue warning lists with others.<\/p>\n

What do you think about Bithumb\u2019s decision to terminate its trademark license agreements with Bithumb Global and Bithumb Singapore? Tell us in the comments section below. <\/em><\/strong><\/p>\n

Bitcoin News
\nExchanges, Agreements, Bithumb, Bithumb Global, Bithumb Korea, Bithumb Singapore, contracts, Crypto, crypto exchange, Cryptocurrency, Cryptocurrency Exchange, Exchange, korea, korean, logos, Regulations, rules, South Korea, south korean, Trademark, trademark license agreements<\/p>\n","protected":false},"excerpt":{"rendered":"

Leading Korean crypto exchange Bithumb is terminating its trademark agreements with two coin trading platforms operating abroad under its brand name. The move comes as digital asset exchanges in South Korea prepare to comply with the country\u2019s stricter regulations for the industry that will be enforced in September. Bithumb Global and Bithumb Singapore to Change…<\/p>\n","protected":false},"author":0,"featured_media":9771,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9770","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\/9770"}],"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=9770"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9770\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9771"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}