Korea’s cryptocurrency exchange Bithumb allegedly issued its coin BXA token and began to sell the token to individual investors inside South Korea. The domestic sale violates the Korean rule, which completely bans initial coin offering.

Neither the BK Consortium, owner of the Bithumb nor Bithumb itself confirms or denies the sale of BXA token domestically. This NCND (neither confirm nor deny) has raised the speculation that the token is bogus.

A Seoul analyst speculated that the BK Consortium sold the token to Korean individual investors as it could not sell the token to foreign institutional investors. He and other analysts said Bithumb should announce whether it sold the coin.

However, they said Bithumb might not confirm the sale, because it violates the Korean law. They advised investors to check whether the coin is authentic because Bithumb has not confirmed the deal.

Bithumb is at the center of controversy these days. It is under fire for exaggerating that it is the world’s largest cryptocurrency exchange.