Bithumb Arm Faces Lawsuit Over Fraud: Report
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The executives of Bithumb's Hong Kong arm are facing criminal charges of fraud, The Korea Times has learned. The accusations were reportedly made by the cryptocurrency exchange operator's previous partner in Thailand.

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The former partner decided to sue Bithumb's subsidiaries after they "unilaterally halted" business in Thailand. The plaintiff says Bithumb promised to open an exchange in Thailand, however, it turned out the exchange in reality had no true intention to establish an exchange in the country. The exchange made false promises from the very beginning just to sell BXA coins by exaggerating the firms overseas presence, the plaintiff claims.

"After Bithumb stopped its BXA coin business, its Thai operation became unnecessary, so the company ended its business in Thailand unilaterally, causing serious damage to us," the plaintiff said.

Korean Police Suspect Bithumb Chairman of Fraud

Bithumb announced plans for expansion on Thailand back in 2017. However, efforts to open exchanges in Thailand and Japan were in vain, says The Korea Times. It is expected that the lawsuits will be filed later this month.

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