Leading South Korean cryptocurrency exchange Bithumb is expanding into Japan and Thailand and is currently working on obtaining regulatory approval in these jurisdictions, Bitcoin.com reported referring to a local news source.
The company has already set up a Thai subsidiary, Bithumb (Thailand) Company Limited, with registered capital of 3 million baht (approximately $90,000). It is now seeking approval from the Thai Securities and Exchange Commission (SEC) and plans to start its operations by the end of October.
In addition, Bithumb is also working on obtaining approval from Japan’s Financial Services Agency (FSA) and plans to open an exchange in the country in February 2019. Bithumb is aiming to set up an exchange platform that supports the largest number of coins in Japan.
Japan and Thailand are part of Bithumb’s global expansion plan. Money Today reported that the exchange has also established a subsidiary in Singapore and Britain.
“We are considering establishing overseas subsidiaries in various countries such as the U.S. and Europe, but the time has not yet been determined,” Bithumb said.
“Bithumb is preparing exchange platforms for countries under the global expansion plan and we are looking for great and potential partners (corporation, entity or group) worldwide…The exchange platforms under final development stages are USD / JYP / EUR / CNY / INR / GBP / AUD / CAD / PHP / RUB and [there] will be more soon when there are any service demands.”
The potential partners, it clarified, would include “cash (deposit/remittance/debit) management processing, the operation of an exchange platform, [and] marketing & promotion and customer service.”
Last month, Bithumb suffered a major hack in which it lost 35 million won (approximately $31 million) worth of cryptocurrencies.
