Bithumb Announces Spark (SPK) Listing: What This Means for South Korean Crypto Traders
Spark (SPK), a newly emerging altcoin in the digital assets community, has officially been listed on South Korea’s major cryptocurrency exchange, Bithumb. Since June 17, trading has opened in the KRW (South Korean Won) pair, with transactions starting 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 dynamic crypto markets.
Deposit Restrictions and VASP Compliance
According to a Bithumb announcement, SPK deposits will be supported exclusively through the Ethereum (ERC-20) network. Users who send SPK tokens through other networks risk losing access to their assets, as unsupported network deposits may be delayed or considered invalid. Bithumb emphasizes strict adherence to Korean Virtual Asset Service Provider (VASP) guidelines, requiring SPK deposits to originate from VASP-compliant exchanges or wallets.
Trading Limitations for New Users
Bithumb will impose restrictions on new users to prevent fraudulent activity and safeguard market integrity. Recently opened accounts may face temporary limitations on deposit and withdrawal functions, as part of Bithumb’s user verification strategy.
Trading Rules: A Controlled Market Entry
Bithumb has implemented a phased rollout for SPK trading. Initially, only sell orders will be accepted in the first five minutes post-launch, 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, ensuring a more regulated and balanced price discovery process.
Investor Education and Caution Advised
Bithumb encourages all participants to review Spark’s official website and whitepaper before trading. Understanding the fundamentals, utility, and risks associated with the SPK project is crucial for making informed decisions. The Bit Journal supports these educational efforts to promote responsible investing practices in volatile markets.
Final Thoughts
Bithumb’s listing of Spark (SPK) reflects its commitment to expanding trading opportunities while upholding regulatory compliance and investor protections. As cryptocurrency adoption rises in South Korea, such listings may influence how new digital assets gain traction in regulated markets.
