Worldcoin Controversy ‘Benefiting’ South Korea’s Bithumb Exchange
Worldcoin controversy in South Korea is driving trades on the Bithumb crypto exchange, a media report has claimed.
According to Busan Ilbo, trading in the Worldcoin (WLD) token has spiked in the wake of a new Personal Information Protection Commission probe.
This has seen WLD trading balloon on the platform. On March 4, 24-hour Worldcoin trading surpassed Bitcoin transaction volumes “by nearly 2 billion won [over $1.5 million].”
Authorities believe that at least 50,000 South Koreans hold WLD tokens. However, the coin has reportedly “gained great popularity among crypto investors” in recent weeks.
The media report noted that as of 6:30 am UTC on March 7, 24-hour WLD trading volumes on Bithumb hit the $107.3 million mark. These figures were only surpassed by two other tokens: Bitcoin and Dogecoin.
Bithumb has “benefited” from listing the coin, unlike its closest rival Upbit – which once dominated the market in almost every trading pair.
On March 7, Spanish regulators ordered the Sam Altman-orchestrated Worldcoin project to halt operations in the nation.
This has likely sparked more trading fervor on Bithumb. At the time of writing, WLD transaction volumes on the platform were higher than all but SHIB and BTC.
The media outlet wrote:
“This is all good news for Bithumb. Typically, cryptoasset exchanges make money from commissions generated from trading. In other words, the more active WLD traders are, the more profit Bithumb can make.”
WLD holders seem confident that despite the Worldcoin controversy in South Korea, their investments are safe for the time being.
The report noted that “even if” the regulator rules that the Worldcoin project “violates personal information protection protocols,” the “industry consensus is that delisting
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