#Bithumb Bank Change#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) has received Bithumb’s report to change the issuing bank for real-name accounts. If approved, customers trading cryptocurrencies on Bithumb will have to use a Kookmin Bank account starting on March 24. According to current South Korean law, domestic cryptocurrency exchanges operate on a “one company, one bank” principle, meaning that trading platforms must have a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year.
Ace Hot Topic Analysis
Analysis
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank and has submitted a report to the Financial Intelligence Unit (FIU) of the Financial Services Commission. If approved, Bithumb users will need to use Kookmin Bank accounts for cryptocurrency trading starting March 24th. Under current South Korean law, local cryptocurrency exchanges must establish real-name account partnerships with designated commercial banks to trade Korean won, adhering to a "one company, one bank" principle. Bithumb has partnered with Nonghyup Bank since 2018, but has been seeking a bank change since last year. This move to apply for a partner bank change may be a result of Bithumb seeking a more stable banking partnership or responding to the increasingly strict regulatory environment.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank.
If the application is approved, Bithumb users will have to use KB Kookmin Bank accounts for cryptocurrency transactions from March 24.
South Korean cryptocurrency exchanges operate under the principle of 'one company, one bank,' requiring exchanges to establish real-name account partnerships with designated commercial banks to trade KRW.
Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year.