By December 31st last year, South Korea’s leading cryptocurrency exchange was holding 6 billion USD on behalf of its users. This was brought into the limelight when the crypto exchange released its audited records. The report was published on the Financial Supervisory Services’ (FSS) website. The FSS is closely watched by the Financial Services Commission, S.Korea’s financial watchdog.
Bithumb, the leading cryptocurrency exchange in S.Korea’s, is a subsidiary of BTCKorea, and thus it must file its audited accounts since its parent company is publicly traded. South Korea is one of the biggest virtual currency markets.
The audited account which was made public on 30th March captured the top coins which it was holding for its users. According to the report, Bitcoin, Ripple, Qtum, EOS, and Ethereum were the top coins that accounted for the largest part of the $6 billion. Out of the 6 billion USD, Bitcoin accounted for 1 billion USD, Ripple: 1.6 billion USD, QTUM: 600 million, EOS: 650 million, Ethereum: 600 million, BCH: 500 million, and BTG: 300 million USD. Although Bithumb also has other virtual coins being held on behalf of its users, their significance in the audited accounts was minimal.
The audited records puts Bithumb on the front line as the leading cryptocurrency exchange in S.Korea. To prove this, the report captured that more than 75 percent of Bitcoin is traded at the exchange with exchanging accounting for a minimum of 50 percent of Ethereum’s trading volume.
As part of its push for greater adoption of virtual money, Bithumb has embarked on a plan to introduce crypto payments in a move that the leading cryptocurrency exchange anticipates to net more than 8,000 merchants in South Korea.
In the recent audited report, Bithumb’s revenue rose by a whopping 171% compared to the same period in 2016. In the previous year, the crypto exchange’s revenue stood at 1.8 million USD against the 2017’s revenue which stood at 312 million USD. As at 31st Dec 2106, the trading volume of Bithumb stood at 150 million USD but on the on same date in 2017, its trading volume stood at 30 billion USD, according to coinmarketcap.
The leading cryptocurrency exchange, according to the audited accounts, made sales worth 312M USD plus a net income of 400M USD in 2017.
The report clearly indicates what one year means in the cryptocurrency market plus how the South Korean crypto market has grown since 2016 with the hopes that it can only get better. Currently, Bithumb has a daily trading volume of approximately $0.45 billion.
With the wealth of information that the audited accounts of the leading cryptocurrency exchange in S.Korea has revealed, do you think all crypto exchanges in the world should provide regulators annual audited reports?
Let us know your thoughts in the comments section below.