Bithumb plans to shut down Gangnam office owing to COVID-19

Amidst its Chairman's investigations by South Korean authorities, Bithumb is planning to shut down its offices due to the COVID-19 outbreak.

By · Nov 24, 2020 . 5min read

Bithumb plans to shut down office latest news

South Korea’s crypto trading exchange, Bithumb, is planning to shut down some of its offices owing to the COVID-19 pandemic. Bithumb, in its blog post, stated that it would be momentarily shutting down its offline support centre in Gangnam. The principal reason behind this decision is to avoid the spreading of COVID-19. Bithumb emphasizes that the COVID-19 cases in the domestic areas are rising. Thus, local authorities are employing more preventive measures.

Bithumb to provide an online customer support centre

According to the blog post, Bithumb will shut down its support centre in Seoul on Nov. 24 till additional notice. Meanwhile, Bithumb will run an online consumer support centre. It has been taking various preventive measures. 

However, it has not yet commented or posted about Bithumb’s Chairman, Lee Jung Hoon’s investigation. Earlier, the Seoul Metropolitan Police Agency’s Intelligent Crime Investigation Unit declared that it has been conducting a raid on two locations, including its headquarters in Gangnam-gu, Seoul. It was undergoing investigations by Seoul Officials regarding BXA tokens sale. Bithumb’s difficulties started with involvement with the BXA’s token. Moreover, it was issued by the Blockchain Exchange Alliance (BXA) and the Singapore-based BXA consortium. One of the provisions of the takeover was the responsibility of the Korean crypto exchange to list the BXA token, which it never exercised.

However, owing to the investigations, the owners of Bithumb were contemplating trading the cryptocurrency exchange. The resolution of trading the exchange came amidst accusations of it’s chairman, Lee Jung Hoon, for alleged fraud. However, recently, Huobi Global, the Chinese crypto exchange, is planning to take over the Korean crypto exchange.

The crypto exchange has got proposals from various companies who want to take over the company. Huobi and a broadcasting company are amongst the most significant bidders for the Korean exchange. According to the reports, shareholders of Bithumb parent company, Bithumb Holdings, want to swap their position in the company.

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