Bitcoin News Is Not For Sale

Please don’t skip this message — it only takes a few minutes to read. Sorry to bother you, but time is running out.

Bitcoin is freedom. If you think independent media that is bitcoin-only is important, if you believe information and education about bitcoin matters for adoption, and if you have gained something from our work, we would be grateful if you could chip in $21. 

Join the 2% of our readers who occasionally make a donation. If everyone reading this donated just $21, we would reach our target in a couple of hours. $21 won’t break you, we hope.

To cover the cost for our servers, editors, writers, and thumbnail artists we rely on our readers’ generous support. 

How You can chip in:

  • Send sats as a tip to a writer. Each and every one of our writers has an active tipping widget.
  • Join our campaign on Awesome perks are waiting for you such as the Bukele Blend Coffee.

Your support ensures that Bitcoin News stays independent with a laser focus on Bitcoin and only Bitcoin.

Funding Progress

Trending Bitcoin News and Market Sentiment March 11th, 2020: Bithumb Partners with Chainalysis as South Korea Laws Seek Stricter Crypto Exchange Compliance, Red Rate Cuts Boost Blockchain Lender’s Business by 300%

written by


Support free journalists: > send a tip

  • Bitcoin steadying just below USD 8,000 after Tuesday profit taking takes its toll
  • Bithumb has partnered up with Chainalysis in the wake of South Korean legislative amendments that require stricter reporting compliance from Bitcoin and crypto exchanges
  • Blockchain lender Figure Technologies claims that US Federal Reserve interest rate cuts have led to a boom in decentralized finance (DeFi) lending on its platform, driving a 300% increase in growth

After breaking past USD 8,000 yesterday, profit taking caused Bitcoin price to drop once more below that key support turned resistance levels, where it currently trades. Altcoins are faring more or less the same, barely holding on to new grounds, like ETH is just above USD 200 right now.

With regulations bringing positive news all over the world, crypto companies are now stepping up to meet the requirements of various new legislations. Now that South Korea has formally legalized crypto trading, exchange giant BitHumb has announced a partnership with blockchain analysis firm Chainalysis. Spefically, it seems to use the analyst’s “Reactor” investigations tool to help analyze suspicious activity on its platform, which is required now under South Korea’s recently updated Special Financial Transactions Information Act.

Although exchanges still have a year to comply with new regulations, with 12 months on the clock till changed come into effect, before full compliance on September 2021, Bithumb does seem keen to be ahead of the curve. The company’s head of compliance, Sungmi Lee, says that lawmakers are likely to put more strength into the new legislative apparatus, so Bithumb had best prepare:

“We anticipate further updates following last week’s vote making it even more important for us to have support available in our local language.”

Last week, a unanimous vote was passed by South Korea’s National Assembly for the revised bill, which now means all virtual asset service providers (VASPs) in the nation will have to abide by a new permit system. All exchanges are also required to provide detailed reports on their operations to the Financial Intelligence Unit, and with “real name-confirmed accounts” needed to be collected from banks. Failure to comply brings a maximum of five years in jail or a fine of USD 42,000.

In addition, the Korean Internet Security Agency (KISA) must audit exchanges’ system and certify their security. This KISA certification isn’t cheap or fast; so far only Bithumb, Upbit, Coinwon and Korbit have successfully obtained it..

Chainalysis chief revenue officer Jason Bonds explained:

“As cryptocurrency use in South Korea continues to grow, new regulations such as this will make blockchain analysis solutions like Chainalysis vital for compliance.”

We’ve covered decentralized finance (DeFi) in the past and they sure do look like they’re not going away.

Now that the US central bank has gone down the route of new interest rate cuts, blockchain lenders are seeing a spurt in total loan growth, recording USD 1 billion, according to Figure Technologies. It said that loan applications have grown by four times since the Federal Reserve move.

Figure Technologies has been operating its Provenance blockchain for two years now to process consumer loans, and recorded USD85 million of loans per month after a year, taking into account business for itself and other major lenders.

Last December, it raised over USD 100 million in a Series C funding round led by Morgan Creek Digital. Renowned commercial bank Mitsubishi UFJ Financial Group’s venture capital arm, MUFG Innovation Partners also participated.

One of its more popular lending solutions is a 5-minute home equity line of credit (HELOC), whereby a borrower puts up an owned house for loan collateral.

CEO Mike Cagney notes that central banks globally will be lowering interest rates even more to delay economic slowdowns, as health cares from coronavirus continue to restrict business and commerce. He explained:

“The 300 percent increase in applications suggests consumers are eager to take advantage of unprecedented lower rates across mortgages, HELOCs and student loan refinancing.” is committed to unbiased news and upholding journalistic codes of ethics. For more information please read our Editorial Policy here.

Follow on Twitter: @bitcoinnewscom
Telegram Alerts from

Image Courtesy: Pixabay

Help spread this article :) is NOT INVESTMENT ADVICE

Opinions expressed are entirely their own and do not necessarily reflect those of

For informational purposes only. Individuals and entities should not construe any information on this site as investment, financial, legal, tax, accounting or other advice. Information provided does not constitute a recommendation or endorsement by to buy or sell bitcoin, cryptocurrencies or other financial instruments. Forecasts are inherently limited and cannot be relied upon. Do your own research and consult a professional advisor. The opinion of authors do not reflect those of 


Read More Bitcoin News


Join our Newsletter


Latest on Bitcoin News

Video of the Week

Join our Newsletter