Bithumb, the largest cryptocurrency exchange in South Korea alongside Upbit, is planning on launching a cryptocurrency trading platform in the UK for European investors, 8BTC reports.
Despite some of the oldest and most widely used crypto exchanges being in Europe, the majority of investors still rely on US-based cryptocurrency exchanges like Kraken and Coinbase. Furthermore, according to CryptoCompare, a cryptocurrency market data provider, less than 6% of global bitcoin trades are processed in euros.
Aside from Switzerland and Malta, no other European country has been able to claim much attention from the cryptocurrency sector, likely due to regulation and impractical policies. The UK has had more trouble than most as large scale banks and financial institutions have rejected services to local crypto exchanges and businesses.
In an interview with ZDNet Korea, an executive at BTCKorea.com, parent company of Bithumb, said “Bithumb is currently preparing an expansion into the European market and the company is dedicated to expand its customer and user base.”
The biggest issue for Bithumb is obtaining partnership with banks that are willing to provide virtual bank accounts and support the inflow of capital. In South Korea, local cryptocurrency exchanges have the support of some of the country’s largest banks, this may not be the case in Europe.