Bithumb partners with Vietnam's SSID to expand digital asset business

Techub News, according to Cointelegraph, South Korean cryptocurrency exchange Bithumb has announced a partnership with Vietnam's SSID, collaborating in areas such as trading technology, wallet custody systems, security risk control, regulatory compliance, and institutional business development. This expansion comes as the exchange faces regulatory pressure at home, and it has decided to postpone its initial public offering plan until after 2028. Competition for cryptocurrency licenses in Vietnam is intensifying, with five institutions including VPBank-affiliated CAEX, Techcombank, and VIX Securities having passed preliminary qualification reviews. Notably, in February of this year, the exchange mistakenly recorded a customer promotional reward of 620,000 Korean won as 620,000 bitcoins due to a system error, resulting in an abnormal nominal balance of over $40 billion. It is currently seeking to recover the remaining funds through legal channels.