A new Shiba Inu trading pair has been listed in the Korean crypto exchange Bithumb, which will be traded against the republic’s national currency, the South Korean Won.
The listing follows the token gaining entry in Upbit, another leading South Korean cryptocurrency exchange, which has announced that its users will be able to start trading the Shiba Inu [SHIB] cryptocurrency against the won.
However, the first trading platform to list the popular meme token in the nation was Korbit back in November 2021.
Other exchanges based in South Korea such as Upbit, Bithumb, Coinone, Korbit, and Gopax currently account for over 99% of the market share domestically.
But regulators in the nation have come down hard on the broader local crypto scene and Bithumb is no exception.
South Korea’s tax authorities are investigating Bithumb Holdings, the parent company of a crypto exchange based in the country, as per local reports.
The charges include potential tax evasion by Bithumb Korea, Bithumb Holdings, and affiliates through domestic and international operations.
The crypto enterprise has already been the focus of a tax inquiry in South Korea. Bithumb Korea received a multi-million dollar charge in 2018 for back taxes, despite the fact that the investigation did not find any evidence of tax evasion.
The country’s largest crypto trading firm was also sued by investors over a 1.5-hour service outage on Nov. 12, 2017. In Jan 2023, a court ordered the platform to pay compensation of $202,400 — 251.4 million in Won.
For Shiba Inu and its token, the new listing against Korea’s national currency is indicative of its advancement and flourishing in a, highly liquid market. SHIB currently trades at 0.0174 KRW per token.
Recently, Shiba Inu’s BONE has entered into the top 100 crypto coins as the imminent Shibarium launch time nears, TronWeekly reported the other day.
Shiba Inu BONE Gained Tremendous Traction Due To This
BONE will act as the governance token for the scaling solution, and will also be used to settle all gas prices throughout the Shibarium ecosystem.
This comes after the official handle of the project announced the arrival of Shiba Inu’s highly-anticipated layer-2 network Shibarium beta mode by next week.
That said, the launch dates for both the beta and official versions of the protocol have been the subject of much debate, raising the heat on the project developers.
Shytoshi Kusama, the project’s pseudonymous principal developer, in past has repeatedly declined to reveal the precise dates in order to prevent disappointment from any delays.