BitHumb Closes Offices Temporarily Due To COVID-19

Bithumb closes offices in Gangnam, South Korea, due to the COVID-19 pandemic but the closure will only be temporary so let’s read more on it in today’s blockchain news.

Bithumb is the biggest crypto exchange in South Korea and now prepares to close some of its offices because of the ongoing coronavirus pandemic. According to an official announcement, Bithumb closes offices in Gangham temporarily, to prevent the spread of COVID-19. The exchange noted that the number of cases confirmed of the coronavirus disease increased locally which caused the local authorities to adopt more preventive measures.
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Bithumb’s support center in Seoul will also be closed on November 24 until further notice. In the meantime, the exchange will operate an online customer support center. The platform was actively posting on the blog in recent months but none of the announcements signaled for an investigation targeting its executives. The South Korean police conducted two raids at the company’s offices in relation to an alleged fraud while the company’s chairman Lee Jung-hoon was questioned. Bithumb didn’t respond to requests for comments at that time.

The coronavirus pandemic had a major impact on the blockchain and crypto industry and it was apparently one of the main reasons behind Bitcoin’s parabolic increase. According to some analysts in the crypto industry, COVID-19 didn’t impact the blockchain industry a lot but it increased the demand for blockchain innovation and adoption.

Speaking of Bithumb, Investment banking sources now know that Bithumb is for sale, and have told the South Korean media outlets that “several” firms have already submitted their “letters of intent” in attempt to put a price tag on the exchange. Speaking of which, prices of between $430 million and $602 million (USD) have been mentioned. Now, the crypto industry is hoping that the introduction of the first crypto-specific piece of legislation in 2021 will provide a lot of legitimacy for domestic exchanges. For instance, big players such as Hyundai and Kakao (from the country) also unveiled their plans to create what sounds like de facto crypto exchanges, while the giant Samsung now features “blockchain wallets” on its phones, which are capable of storing crypto assets.

International players may also look to move in the lucrative South Korean market, and industry experts are speculating that an American or Chinese buyer could see that Bithumb is for sale, and snap it up, following the collapse of the 2018 agreement.