Bithumb to halt Tether-powered order book sharing service following regulatory pressure

Core Insights - Financial regulators in South Korea have pressured Bithumb to suspend its Tether Market services, which allowed trading of Bitcoin and nine altcoins using USDT [1][5] - Bithumb announced the closure of the service on November 28 at 11am KST for system maintenance, aiming to reorganize for a more stable trading environment [2] - The decision to suspend the service may end Bithumb's order book sharing with international partners, as regulators are concerned about compliance with anti-money laundering obligations [2][6] Regulatory Scrutiny - The Financial Intelligence Unit (FIU) summoned Bithumb's CEO for questioning shortly after the launch of the Tether Market service, citing concerns over potential data leaks and money laundering risks [5] - The FIU conducted on-site inspections at Bithumb and other exchanges to assess compliance with money-laundering regulations [6][7] - An industry insider noted that order book sharing increases the risk of money laundering, making it a significant regulatory issue [6] Service Impact - All pending orders after the November 28 deadline will be automatically canceled, indicating a complete halt to the service [3] - Sources suggest that Bithumb has effectively abandoned its order book sharing service following intense regulatory pressure [3]