Bithumb cut maximum leverage and reduced loan caps by 80% after regulatory pressure.
South Korea’s Financial Services Commission formed a specialized task force on July 31 to create comprehensive crypto lending guidelines.
The Bithumb exchange in South Korea has slashed its cryptocurrency lending service limits drastically after it faced a lot of regulatory scrutiny. The platform reduced maximum leverage by half to 2x and reduced loan caps by 80%. The radical reforms are an indication of the increased governmental concerns regarding high-risk crypto lending products in the Korean market.
Regulatory Crackdown Forces Major Service Overhaul
Bithumb restarted its crypto lending service on Monday after halting the service on July 29 because of the lack of lending volume problems. The exchange made extensive adjustments to safeguard investors and enhance the quality of service in general, as stated by the company. The maximum lending limits were reduced to 200 million won
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