The Largest Crypto Exchange In South Korea Holds $6 Billion On Behalf Of Users

[felixesteban]

Bithumb’s published audited accounts show that the South Korean largest crypto exchange has a trading volume of $476 million per day. Not only that, but they are also discovered to be holding $6 billion since 31st December 2017, on their customers’ behalf.

Bithumb stores $6 billion

South Korea is among the biggest crypto markets in the world. Against this backdrop, Bithumb became the largest exchange per trading volume. Originally. Bithumb came to be as BTCKorea’s subsidiary and as such is obligated to publish all of its audited accounts. This year’s report was published on March 20th on the website belonging to the Financial Supervisory Service (FSS), a regulator working for the FSC (Financial Services Commission).

According to the report, Bithumb is holding around $6 billion in cryptos, all on behalf of their users. This practice began on 31st December 2017. The amount in question is made up of various cryptocurrencies. It has around $1 billion in Bitcoin and $1.6 billion in Ripple. Along with those two, there are QTUM ($0.7 billion), EOS ($0.65 billion), Ethereum ($0.6 billion), Bitcoin Cash ($0.5 Billion), as well as Bitcoin Gold ($0.3 billion). There are even more cryptocurrencies involved, but with a significantly lower amount. The exchange is also holding $0.4 billion in its own balance sheet.

The reported sales of this exchange for 2017 include around ₩333.4Bn ($312Mn). Their net income is estimated to be at ₩427Bn ($400Mn). Of course, there is also a non-operating income, which produces $90 million in addition. After the shareholders’ meeting on March 30th it is expected that the financial statements of this exchange will be published somewhere mid-April.

https://cryptocoin.news/news/altcoin/the-largest-crypto-exchange-in-south-korea-holds-6-billion-on-behalf-of-users-10968/