South Korean crypto exchange Bithumb is setting out its business in Middle East, the United Arab Emirates (UAE) in particular. The exchange confirmed that it had signed a memorandum of understanding (MoU) with the UAE-based firm Nvelop to launch a licensed fiat-to-crypto exchange in the UAE.
Under the recent regulatory framework of Abu Dhabi Global Market, crypto exchanges must be approved by the Financial Services Regulatory Authority (FSRA) before they can become crypto-asset businesses.
The new partnership will be set for further expansion of Bithumb into the Middle East and North Africa (MENA) region. Bithumb said that FSRA predictably issued crypto licenses within the first half of the year, followed by the launch of its UAE-based exchange in mid 2019
As The Crypto Sight reported, Bithumb recently got acquitted of all charges filed in a lawsuit in which an investor had sued the company for his loss of around $355,000 during a hack in November, 2017.