Bithumb about to hold ICO in Singapore

Posted 20 April, 2018

The end of the week was marked by the reports about new digital token and ICO. South Korea's Bithumb, the major crypto trading platform, has announced that it intends to create its own token Bithumb Coin under ICO. According to the media, Korean exchange followed China's Huobi that Huobi token this January.

The company will reportedly hold ICO in Singapore, considering the ban in South Korea. The details of the project are yet to be unveiled. For reference, Korea's Financial Service Commission banned everything connected with ICO last September citing high scam risks.

Meanwhile, this March Seoul reportedly told about the plans to make ICO activity legal. As a result, it was launched KYC (know yout customer) and AML (anti-money laundering) programmes.

In the case with Huobi, the exchange stated that its token would not be an ICO and added that "only active users of the platform would be able to receive Huobi Token", as the news report reads.

Bitcoin and other cryptocurrencies have remained on the rise at the end of the week. The leading digital coin changs hands on the Bitfinex at $8,344.1, followed by Ethereum priced at $575.85 on this platform. Ripple and Litecoin quotes stand at $0.85400 and $146.99 respectively.

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