Worldcoin Controversy Drives Trading on Bithumb Exchange
Trading in the Worldcoin (WLD) token has surged on the Bithumb crypto exchange in South Korea, fueled by a recent investigation by the Personal Information Protection Commission. The spike in WLD trading volumes has made it one of the most popular tokens among crypto investors in the country. On March 4, 24-hour Worldcoin trading on Bithumb exceeded Bitcoin transaction volumes by over $1.5 million.
Bithumb Benefits from Worldcoin Listing
Bithumb has seen significant benefits from listing the Worldcoin token on its platform. As of March 7, 24-hour WLD trading volumes on Bithumb reached $107.3 million, only surpassed by Bitcoin and Dogecoin. This has resulted in increased profits for the exchange as it earns commissions from active traders. Upbit, Bithumb’s closest rival, has lost its dominance in the market due to not listing Worldcoin.
Investors Remain Confident Despite Controversy
Despite the controversy surrounding Worldcoin and its potential violation of personal information protection protocols, WLD holders believe their investments are safe for now. Even if regulators rule against the project, industry experts believe that delisting is unlikely to happen in the near future. Worldcoin officials have temporarily suspended iris scanning activities in South Korea until at least March 20 to address concerns.
DAXA to Decide Delisting-Related Matters
If the Personal Information Protection Committee rules against Worldcoin, a self-regulating body called DAXA will make delisting-related decisions. DAXA is composed of South Korea’s five licensed crypto exchanges that trade in Korean won (KRW), including Bithumb and Upbit. The association is responsible for making decisions on token listings and desisting policies.
Concerns Over Data Collection and Compliance
The controversy surrounding Worldcoin extends beyond South Korea. Spanish regulators have ordered the project to cease operations in the country due to concerns about data collection from minors and non-compliance with domestic data laws. Hong Kong’s data protection authority has also investigated six Worldcoin operators for similar reasons.
Hot Take: Bithumb Benefits from Worldcoin Controversy
The Worldcoin controversy has had a positive impact on Bithumb, one of South Korea’s leading crypto exchanges. The surge in trading volumes for the WLD token has boosted the exchange’s profits, as it earns commissions from active traders. Despite concerns about potential violations of personal information protection protocols, investors remain confident in their investments. The future of Worldcoin in South Korea will be determined by the Personal Information Protection Committee and the self-regulating body DAXA.
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