South Korea’s major cryptocurrency exchange firm, Bithumb<a href="https://support.bithumb.pro/hc/en-us/articles/360043576334"> announced</a> on February 26 that it's taking a new step ahead in its quest for global expansion. The exchange firm said it will do this by reinforcing incorporation with Bithumb Global.

In addition, the giant exchange firm rolled out a new cryptocurrency transfer service between Bithumb cryptocurrency exchange and its international arm, Bithumb Global. Bithumb launched Bithmb Global back in October 2019.

In particular, the move follows the new proposal by South Korean authorities to slap a  20% tax on cryptocurrency income. This has resulted in local cryptocurrency exchanges stepping up their international operations.

Moving forward, an announcement by the firm noted that Bithumb users are required to fill tier two Know Your Customer (KYC) requirements on both the local and the international platform. Consequently, Bithumb’s level 2 KYC users will be able to transfer their digital currencies and tokens to Bithumb Global. However, transferring them back will not be possible; if they will not have met KYC level two requirements for their Bithumb Global accounts.

According to data by Coin360, the transfer limit between the two platforms is set at 2 BTC worth $17,639.42 at a press time maximum. Bithumb claims that users are only allowed to move Bitcoin and Ethereum currently and the Korean Won is not yet supported.
<h2>Bithumb Global Popular in China and Japan</h2>
Furthermore, at a Bithumb business development forum, a representative noted that the firm’s latest transfer service; will increase liquidity by slashing the transfer barriers between the platforms. The spokesman added that so far,<a href="https://www.cryptoknowmics.com/crypto/south-korean-government-confirms-crypto-profits-are-not-taxable/"> South Korea</a> is leading, with at least 40% Korean customers using Bithumb Global. China comes second with around 25% of clients.

In conclusion, the latest move by Bithumb to expand its operations globally follows the growing concerns; due to cryptocurrency taxation reforms in the Asian country. Early into the year, South Korean Ministry of Economy and Finance proposed subjecting cryptocurrencies to a 20% income tax.

Bithumb Introduces Free Transfers to International Platforms

South Korea major cryptocurrency exchange firm, Bithumb announced on February 26 that its taking a new step ahead in its quest for global expansion.... %

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Bithumb Introduces Free Transfers to International Platforms

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