(Rejected ) How Cryptocurrency Exchange Bithumb is Responding To COVID-19 Lockdown Measures

The offline center of South Korean-based cryptocurrency exchange Bithumb will be closed from November 24, 2020. The closure of the Bithumb office that is based in the Gangnam District of Seoul is aimed at helping to stem the spread of COVID-19 in response to the rising cases of the viral disease in the region.

“As the number of domestic confirmed cases of Coronavirus Infectious Disease-19 (hereinafter referred to as Corona 19) is increasing and social distancing in the metropolitan area has been upgraded to stage 2, we intend to temporarily suspend the operation of Bithumb offline Gangnam Center to prevent the spread of Corona 19,” the exchange said in the press release.

The COVID-19 pandemic has impacted a lot of businesses this year but has caused a significant upside for some cryptocurrency-based firms that saw increased growth in this same period of time. Notwithstanding, regional laws applied to cryptocurrency exchanges that are located in any city that declares lockdown as obligated to comply, as in the case of Bithumb.

While the Bithumb office lockdown in Gangnam is indefinite, it noted that its other channels for providing service are operating normally.

Good Time For Bithumb To Go Under Lock and Key

While some cryptocurrency exchanges discovered ways to reinvent themselves in the wake of the coronavirus pandemic, Bithumb faced significant hurdles from the authorities who constantly raided its office on fraud allegations.

Many events have unfolded since Bithumb first experienced its first raid with the exchange’s Chief Executive Officer summoned by the police for questioning. The closure of one of the exchange’s offices comes following the move by the exchange to give itself up for sale following the hurdles it is reportedly facing.

While it is not yet clear how the exchange’s response to the COVID-19 pandemic will affect the run-up to sell up its entire stakes, the move shows that the exchange’s operations and outlets were operating normally despite its current challenges