Bithumb Exchange Faces Korean Won Withdrawal Delays, Users Unfazed

Bithumb, a South Korean cryptocurrency exchange, is experiencing a hitch. The exchange announced that delays from its partner companies caused the inability to process Korean Won withdrawals.

While such announcements typically spark concern among crypto users, Bithumb users have remained calm. This is not their first experience with this issue. Last August, the exchange announced similar withdrawal delays. This time, Bithumb gave a reason for the delays, unlike in August when it simply said it was addressing the issue.

Bithumb’s Expansion Plans

Bithumb is reportedly the second-largest cryptocurrency exchange in Korea. The exchange launched an expansion program to grow its partnership development division. While the announcement did not specify which partners were responsible for the delays, Bithumb formed new partnerships in various industries, including retail, e-sports, and arts.

According to Bithumb, the primary purpose of forming new partnerships is to attract new users to its platform. The exchange told customers that it had concluded preparations to offer them better benefits while lowering the entry barriers to virtual assets, thereby increasing their connection to the public.

Read also: Bithumb Eyes Nasdaq Listing After Dropping KOSDAQ IPO

Considering the crypto exchange’s expansion plans, the recent glitch could appear discouraging, especially for new users joining the ecosystem for the first time. However, Bithumb has assured both the old and new customers that the situation is temporary. Users on the exchange appear to understand Bithumb’s appeal for calm, as there was no negative feedback as of the time of writing.

Exchange users typically react to prolonged issues like this. It is still early to assess user perception. How quickly the exchange resolves the problem will influence user reactions and shape their perception of the exchange.