ZDNet Korea reports that Bithumb is going to launch a trading platform in the UK.
Bithumb is the largest cryto exchange in South Korea and the sixth largest in the world by trade volume, handling about half a billion dollars in trading volume a day.
According to official documents, Bithumb Europe was registered lat February 27th, with offices at City Road in Islington, London. It will be headed by a Mr. Rahul Khanna, who is a partner of a firm called Canary Asset Management.
Bithumb will own 80% while Canaru Asset Management will own 20% of Bithumb Europe.
The new platform will be using the URL bithumb.uk. However, the website is currently non-functional. The delay may be due to the exchange’s search for a compliance specialist.
A spokesman for BTC Korea.com, owner of Bithumb, said to ZDNet Korea that: “Bitsum [Bithumb] is preparing to advance to Europe.”
The UK has been attracting crtypto exchanges lately, a welcome trend given the recent exodus of traditional financial institutions to Europe.
Huobi, a Singaporean exchange recently announced that it was going to set up shop in London due to the fact that it has “the most active trading scene across all of Europe.” Huobi handles almost $2 billion in trading daily, making it the third-largest cryptocurrency exchange in the world.
Meanwhile, London Block Exchange reportedly expanded its menu, now including Bitcoin Cash and Ethereum Classic. A recent survey of more than a thousand Londoners found out that 14 percent had purchased cryptocurrency at some point, and 20 percent of those that hadn’t been considering doing so.
British crypto businesses have also banded together, urging the government to regulate them formally to ensure their stability and protect customers.