Key Developments
- •Bithumb halts its USDT market service during a beta phase due to regulatory concerns.
- •Trading pairs with the Korean Won for major cryptocurrencies remain unaffected.
- •This action may signal increased regulatory pressure on other exchanges in the region.
Bithumb Halts USDT Service
South Korean cryptocurrency exchange Bithumb will suspend its Tether (USDT) market service on November 28, 2025. This decision follows regulatory advice and is being implemented as part of ongoing system maintenance and a beta phase initiative. The suspension was prompted by directives from South Korea's financial regulator and is occurring amidst heightened investigations by the Financial Intelligence Unit.
Bithumb confirmed that all Tether-related orders would be automatically canceled. The exchange is reorganizing the Tether service to enhance its safety and functionality. Bitcoin and nine other major altcoins will continue to be tradable against the Korean Won while this adjustment takes place. This move highlights the increasing regulatory scrutiny over cross-border cryptocurrency activities.
"We will temporarily suspend our Tether (USDT) market service at 11:00 am KST on November 28, 2025, due to system maintenance and regulatory requirements. This service is currently in beta and involves order book sharing with Stellar. We are reorganizing the service to provide a more stable and advanced trading environment. Updates on the reopening schedule will be provided separately." — Lee Jae-won, CEO, Bithumb
Market Impact and Broader Implications
The suspension of the USDT market service may temporarily affect trading volumes and liquidity for Bitcoin and nine major altcoins on Bithumb. However, the platform's Korean Won trading pairs for these cryptocurrencies will remain operational.
This action by Bithumb mirrors previous regulatory actions in the Asian crypto market. In 2023, Upbit also temporarily suspended Tether trading for compliance upgrades. Such developments underscore the dynamic regulatory landscape that cryptocurrency exchanges in Asia must navigate.
Bitcoin's price is currently $87,629.73, with a market capitalization of $1,748,515,157,623.00. Its market dominance stands at 57.98%. Data indicates a 0.64% increase in Bitcoin's price over the last 24 hours, though it has seen a 24.13% drop over the past 30 days. These figures reflect significant shifts within the cryptocurrency sector.
Insights suggest that Bithumb's proactive move could precede broader compliance demands across Asian crypto markets. Historical trends consistently show that regulatory influences play a critical role in crypto market stability, requiring continuous adaptation from exchanges to evolving legal requirements.