South Korean cryptocurrency exchange Bithumb announced today that Bithumb Global and Bithumb Singapore will no longer be licensed to use its name after their contracts expire on July 30. Industry experts say the South Korean business’s severing of links with eponymous operations outside the country is designed to prevent any association with possible future money laundering cases.
Fast facts
- Allowing the non-exclusive trademark license agreements for the Bithumb brand with Bithumb Global and Bithumb Singapore to lapse is a means of underscoring the fact that the two platforms operate independently of Bithumb in South Korea.
- Oh Moon-sung, a professor at Hanyang Women’s University, told Forkast.News: “If its foreign affiliates that have only trademark rights agreements are caught up in money laundering controversies, it will have a considerable negative impact on Bithumb Korea. Bithumb seems to want to prevent such incidents in advance.”
- According to Coindesk Korea, Bithumb Singapore will revert to its original name, “Bitholic,” but Bithumb Global has yet to settle on a new name.