Bithumb halves crypto lending leverage, slashes loan limits by 80%: Report

Key Points

1. Bithumb reduced the maximum leverage ratio from 4x to 2x and cut the maximum lending amount from 1 billion won ($726,000) to 200 million won ($145,000).

2. The changes were made following regulatory scrutiny over high-risk crypto lending products in South Korea.

3. Bithumb stated the adjustments were intended to protect investors and enhance service quality.

4. South Korea has formed a task force to oversee crypto lending services, including members from the country's five largest exchanges.

5. More than one in four South Koreans aged 20 to 50 hold crypto, with crypto accounting for 14% of their assets on average.