Bithumb Reviews for May 2024

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Bithumb ordered to pay outage damages to investors by South Korean court. A ruling from local courts has Bithumb liable to pay just over $200,000 in damages to the 132 investors which filed against the cryptocurrency exchange. The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts. On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202, 400 - or 251.4 million in the regional currency won. Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around $6,400 to the 132 investors involved.

Bithumb has one of the most ridiculously complicated registration procedures I have even come across on the cryptocurrency exchanges. The login procedure is also quite tedious. I used to trade there when living in South Korea, mainly became the majority of trading pairs there are priced in the local won, which was convenient for me at the time. But once I left Korea, I had to switch to another exchange because Bithumb isn't really adapted to the outside audience.

I don't get why people are raising so much fuss about Bithumb choking on a few withdrawals on support tickets here and there. Hello people, you are living in a crypto space where no one can guarantee the safety of your funds, except for the hardware wallet. As for Bithumb, it is an okay-ish exchange that offers nothing out of the ordinary. I have spent around a month there and withdrew my funds because I was simply unimpressed.

Bithumb does a really good job of rubbing it in your face that the platform has been tailored for the Asian traders. I mean, their mobile application hasn't even been properly localized to the English language, and that absolutely all trading pairs are priced in Korean won. I guess it's a good thing that Bithumb it totally under the heel of Korean financial regulators, but their negligent attitude towards non-Asian users is repellent.

I am not sure why, but the South Korean cryptocurrency exchanges have been extremely unreliable and ignorant of foreign customers lately. Maybe it has something to do with regulations or massive hacks - I don't really follow the crypto news from Asia - but Bithumb has been a huge disappointment for me. The exchange that promised so much, came up with so little. Their lax security is really annoying, and worrying, of course. Bithumb has been hacked before and will be hacked again sooner or later.

I don't understand why people complain so much about Bithumb, as if all other cryptocurrency exchanges are totally trouble-free. Excuse me, but I have been dealing with such terrible platforms, where support and customer service had been virtually non-existent, that Bithumb looks like an absolutely normal trading space, compared to the mess that I had to endure. I have a small deposit there that allows me to trade some exotic coins, and everything has been running well so far.

A couple of days ago, I read an article about the poor state of nearly all South Korean crypto exchanges - most of them are facing bankruptcy due to low transaction volumes. Since Bithumb is based in that country, it left me wondering whether this platform also faces such hardships. However, it holds the 6th position in the Top 10 crypto exchanges with the monthly trading volume of $33 billion, so I guess it is doing fine. In addition, Bithumb can't boast a state-of-the-art security system which opened the gateway for numerous hacks.

Bithumb will soon completely ban its employees from using its platform to trade crypto. Bithumb is moving forward with trading restrictions for its employees by banning its staff from trading on its platform. According to an official Friday announcement, Bithumb will completely ban its employees from buying or selling crypto using a Bithumb account starting this month. The restriction intends to strengthen internal regulations and improve transaction transparency on Bithumb exchange, the company said. As part of the measure, staff members already sent written statements regarding account withdrawals last month. Additionally, the exchange will implement a permanent monitoring system including self-audits and an internal reporting system, the announcement notes.

Probably the only thing that I like about Bithumb is that there is no shortage of thrilling news about this platform. For instance, about a month ago, there was a suspicious occurrence when Chinese law enforcers had allegedly raided the Bithumb's office in Shanghai. But this situation seems to have quickly died off. I have also heard that the company behind Bithumb wants to launch a regulated exchange platform in India, a country that is hostile towards crypto.

Bithumb can be called a troubled cryptocurrency exchange. First, they suffered a massive hack in 2017, and got themselves messed in an investigation by the Korean financial authorities. Also, it is tailored to satisfy the needs of Korean traders, primarily because won is the only tradable fiat currency there. The support team is not very hasty when it comes to replying to the inquiries of non-Korean traders.

I totally agree with one of the previous commentators that Bithumb is the kind of crypto platform that always manages to find some trouble. In the latest news, Bithumb has problems with taxes as the state taxation agency has handed its management a bill for around $70 million. Apparently, this event raised a big scandal since foreign investors were unaware of Bithumb's tax situation when they bought shares in the company.

I have recently read an article about Korean crypto exchanges being on the verge of bankruptcy. I wonder if that includes Bithumb. In any case, I don't find this platform particularly credible since it has been hacked numerous times and the exchange locks up traders' money for several months. Besides, I had a poor user experience with Bithumb: the platform kept logging out whilst I was engaged in trading; the interface is a bit weird, and I had trouble communicating with the support.

* Crypto Rating accepts no liability for content of the Bithumb reviews made by the site users. The entire responsibility for the contents rests with the authors.

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Bithumb Reviews for May 2024

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