Spark (SPK), a newly emerging altcoin in the digital assets ecosystem, has officially been listed on South Korea’s major cryptocurrency exchange, Bithumb. As of June 17, trading has opened in the KRW (South Korean Won) pair, with transactions commencing at 19:00 KST (10:00 UTC). This listing is a significant milestone for Spark and presents new exposure opportunities in one of Asia’s most vibrant crypto markets.
Deposit Restrictions and VASP Compliance
According to an official Bithumb announcement, SPK deposits will be exclusively supported through the Ethereum (ERC-20) network. Users sending SPK tokens through other networks risk losing access to their assets, as unsupported network deposits may be delayed or deemed invalid.
Additionally, Bithumb emphasized strict adherence to Korean Virtual Asset Service Provider (VASP) guidelines. This means that SPK deposits must originate from exchanges or wallets that are VASP-compliant. Transfers from unverified platforms will be blocked from crediting to user accounts. These measures aim to enhance transparency and combat money laundering—a critical compliance focus in the region.
Trading Limitations for New Users
To prevent fraudulent activity and protect market integrity, Bithumb will impose restrictions on new users. Those who have opened accounts within the past seven days may face temporary limitations on deposit and withdrawal functionality. This is part of Bithumb’s broader user verification strategy.
Trading Rules: A Controlled Market Entry
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Bithumb has implemented a phased rollout for SPK trading. During the first five minutes post-launch, only sell orders will be accepted. These orders must fall within a price band ranging from 10% below to 100% above the designated opening price. No buy orders or automated trades will be processed until the initial transaction is completed, allowing a more balanced and controlled price discovery process.
Investor Education and Caution Urged
In line with investor protection principles, Bithumb urges all participants to review Spark’s official website and whitepaper before trading. Understanding the fundamentals, utility, and risks associated with the SPK project is essential for making informed decisions. The Bit Journal supports these educational efforts as they align with responsible investing standards in volatile markets.
Final Thoughts
Bithumb’s addition of Spark (SPK) demonstrates its commitment to expanding trading opportunities while maintaining regulatory compliance and investor safeguards. As crypto adoption grows in South Korea, such listings may set the tone for how new digital assets gain traction in regulated markets.
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Sources:
Bithumb Official Website – https://www.bithumb.com
Spark Official Website – https://www.sparkprotocol.io
CoinDesk – https://www.coindesk.com
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