Barely a month after receiving its pivotal CODE compliance approval, WOO announced that WOO X has successfully integrated with Bithumb, marking a milestone in its Asian expansion strategy.
As the largest crypto exchange in the CODE Travel Rule solution network and South Korea’s second-largest crypto exchange, Bithumb has over eight million registered users with a current cumulative transaction volume exceeding USD $1 trillion.
Connect Digital Exchanges or CODE is a Travel Rule compliance solution jointly adopted by three major cryptocurrency exchanges in South Korea: Bithumb, Coinone, and Korbit.
The Integration with Bithumb and 20+ other exchanges in the CODE network enables seamless deposit and withdrawal capabilities across WOO X and partner exchanges.
The Travel Rule, as defined by the Financial Action Task Force (FATF), is a regulation to enhance the traceability of money transfers. It requires financial institutions to share certain information with each other for specific electronically-facilitated transfers. This rule also applies to the movement of virtual assets between virtual asset service providers, including cryptocurrency exchanges.
South Korea has mandated that all cryptocurrency exchanges in the country implement a Travel Rule solution in accordance with the Special Financial Transaction Information Act, which was revised in March 2021. Specifically, exchanges must collect sender and recipient information, including their names and wallet addresses, for cryptocurrency deposits or withdrawals of 1 million Korean won (approximately USD $745) or more.
Limited-time zero-fee transactions
As part of the exchange’s tenth anniversary, Bithumb is offering a limited-time event where users can enjoy trading with zero fees across all KRW and BTC trading pairs.
How to apply for zero-fees
- Log In: Visit Bithumb’s platform and log in to your account.
- Access Customer Center: Click on “More” and then select “Customer Center.”
- Register for Zero Fees: Within the Customer Center, you will find an option for “Free Fee Registration.” Click on it.
- Enter the Code: To unlock fee-free transactions, enter the code ‘FREE-10TH’ in the code registration field.
- Complete Registration: After entering the code, click on the registration button to complete the process.
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