Bithumb union protests cuts to benefits, changes to employment rules

The recently established labor union at South Korean crypto exchange Bithumb has begun official activities, starting with a membership drive, The Fact reported. The union is protesting what it calls a deterioration of working conditions, citing a more than 50% reduction in employee welfare points and changes to the rules of employment that allow for pay cuts based on performance reviews. The union argued that under the law, such unfavorable changes require the consent of a majority of employees or their representative union, and stated it would organize to protect workers' rights. In response, Bithumb said that it respects its employees' rights and plans to act in accordance with relevant laws and procedures.