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Why when Bitcoin price rose, South Korea’s largest cryptocurrency exchange Bithumb shut down its offline offices?

According to an announcement from Bithumb, it looks like they will close some of their offices until further notice. Today, the Gangnam central office will begin to close. It seems that the reason is that South Korea faces another probable outbreak of a new Coronavirus. This seems like a bad year for Bithumb.

Bithumb announced today that it is shutting down some of its offices

Bithumb is considered the largest cryptocurrency exchange in Korea. And starting today, November 24, 2020, they will shut down their offline offices as South Korea struggles with a new Coronavirus outbreak.

Since the beginning of November, Korea has recorded an increase in the number of COVID-19 infections every day, with the number tripling over the past nine days. This raises concerns that Korea has entered the third wave of the pandemic. As the authorities are taking steps to increase social avoidance to curb the spread of the virus, Bithumb said in its announcement that it intends to suspend offline support in Seoul.

South Korea’s largest exchange notes that the closure of the Gangnam central office will start on Tuesday, November 24, and will remain closed until further notice:

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice.”

In September, Bithumb was the headline in the crypto space. The exchange’s headquarters was raided three times when the local authorities searched and confiscated company documents. They appropriated dozens of Bithumb Holdings shares belonging to South Korean Bithumb Director Kim Byung-Gun in a raid. Police have accused South Korea’s largest exchange of fraud in connection with the pre-sale of the $ 25.2 million BXA token made by the company. Before the pre-sale, Bithumb promised to list tokens for post-event trading but failed, leaving investors with great losses.

Two weeks after the raids, authorities summoned Bithumb Chairman Lee Junh-hoon for questioning. After the raid and probe, another report claimed that the exchange was up for sale between $ 430 million and $ 604 million. The report showed that foreign financial investors and domestic private investment funds had shown interest.

However, Bithumb remained silent about the sale and the police investigation.

Elsewhere, as AZCoin News reported, it appears that the Chinese exchange Huobi is trying to buy back Bithumb. According to the information disclosed, the price of Bitflyer is hanging at $ 500 million. However, due to Huobi being investigated by the Chinese government, this loss-buying activity is being suspended.

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