BitMax denies selling Bitcoin: The transfer to overseas exchanges is solely because they are safer than domestic wallet providers

PANews reported on March 19 that South Korea's digital asset treasury company BitMax denied plans to sell its Bitcoin holdings. This follows reports that the company transferred all of its Bitcoin from a cold wallet operated by the country's largest bank to overseas exchanges such as Binance and Bybit. BitMax's CEO stated, "We have not sold a single Bitcoin," and explained that the move was to enhance security and operational efficiency by diversifying token storage across multiple secure accounts. The company previously faced financial difficulties, reporting a net loss of $52 million in the third quarter of 2025, and was forced to cut its core AR business R&D budget. Its common stock has been suspended from trading on the Korean exchange and may face delisting risks. BitMax responded that it has commissioned an external audit to confirm that its financial statements are "reliable," and stated that the losses are accounting valuation losses that do not involve cash outflows. Earlier reports indicated that South Korean media claimed that the Bitcoin treasury company BitMax had secretly transferred all of its 550 Bitcoins to a centralized exchange (CEX)