[Korean Exclusive News]
Author: Shin Yi Jin, South Korea
Bithumb has given an immediate feedback on the rising suspicion that the company has altered its Terms and Conditions (T&C) in such a way that it allows them to change the service details without prior notice. Bithumb explained that it was just a mistake on the way it was written and the quick response relieved the shocked users.
According to the industry on 23rd May, Bithumb has altered the user T&C on 21st May, announcing that the new T&C will be applied from 28th May onwards. The new T&C states that if a user ID or password is wrongly used, it will no longer be a user’s responsibility but the company’s if there is a mistake on their side. Also, it included that a user has to transfer some of his or her asset to an external account if he wants to terminate his registration on Bithumb. Other new additions include prevention of money laundering and notice standard of service alteration.
The issue was in Article 13 Section 2 which dealt with “notice standard of service alteration”. In their first announcement of T&C alteration on 21st May, Bithumb changed the existing term that ‘the company needs to provide a 7-day notice prior to any changes in service details’ to ‘the company can alter all or parts of individual services according to the management and technical needs if there is a probable reason’. With this BIthumb removed the duty of prior notice from their T&C.
Immediately after the announcement, there was a controversy arising in the user community because the altered T&C allows Bithumb to eliminate its service provision without any prior notice. The user community even criticised that “Bithumb is not trying to have their own way in escaping from the industry because they were criticised for issue regarding the listing of POPCHAIN”.
To address the issue, Bithumb re-announced its T&C alteration in greater detail on 22 May. They added that ‘the company is required to provide the users with at least 7-day prior notice’ under the section. About the T&C, Bithumb explained that “from the beginning, the T&C included the need for the company to provide a minimum of 7 and maximum of 30-day prior notice if we were to alter the service provision according to its importance” and that “it was a misunderstanding that arose because we stated the new additions in a simpler way because the part on prior notice was already in the existing T&C”.
Bithumb is planning to have its new T&C that includes necessary alterations as advised by the Fair Trade Commission reviewed again by the commission by the end of this month.