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South Korea
11 May 2018 (8 Years)
Last online: No recent activity
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This company is currently Unproved.
Please be cautious of the potential risks!
License
A Grade License
Issued by globally renowned regulators, these licenses ensure the highest trader protection through strict compliance, fund segregation, insurance, and regular audits. Dispute resolution and adherence to AML/CTF standards further enhance security.
B Grade License
Granted by respected regional regulators, these licenses offer robust safety measures such as fund segregation, financial reporting, and compensation schemes. Though slightly less strict than Tier 1, they provide dependable regional protection.
C Grade License
Issued by regulators in emerging markets, these licenses offer basic protections such as minimum capital requirements and AML policies. Oversight is less stringent, so traders should exercise caution and verify safety measures.
D Grade License
From jurisdictions with minimal oversight, these licenses often lack key protections like fund segregation and insurance. While attractive for operational flexibility, they pose higher risks to traders.
Get to know Coinbit
Company Information
Get to know Coinbit
Founded in 2018, Coinbit quickly grew to become one of South Korea's largest cryptocurrency exchanges by reported trading volume. The platform provided spot trading services for numerous cryptocurrencies against the Korean Won (KRW) and other major digital assets. However, the company faced significant legal and regulatory challenges, including accusations of massive-scale market manipulation. Following a regulatory crackdown by South Korean financial authorities in 2021, which required all domestic exchanges to secure real-name bank partnerships and obtain Information Security Management System (ISMS) certification, Coinbit failed to meet the requirements and subsequently announced the termination of all its services in early 2022.
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