#Bithumb Bank Change#
Hot Topic Overview
Overview
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 transactions starting March 24. Under Korean law, cryptocurrency exchanges are required to have a real-name account partnership with a designated bank. Bithumb has partnered with Nonghyup Bank since 2018, but 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. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) recently received a report from Bithumb regarding the change of the real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb must use a Kookmin Bank account starting March 24. According to current Korean law, domestic cryptocurrency exchanges operate under a "one company, one bank" principle, where platforms must have a real-name account partnership with a designated commercial bank to trade KRW. Bithumb has had a real-name account contract with Nonghyup Bank since 2018 and has been trying to change its partner bank since last year. This application to change banks may be due to issues with the partnership between Bithumb and Nonghyup Bank, or it may be because Bithumb wants to partner with a larger and more influential bank to enhance the platform's reputation and competitiveness. The final result is still pending the FIU's approval, but this incident reflects the changing regulatory environment for the Korean cryptocurrency industry and the challenges platforms face in terms of compliance.
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.
This change requires approval from the Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea.
If approved, Bithumb users will need to use Kookmin Bank accounts for cryptocurrency transactions from March 24th.
Korea's cryptocurrency exchanges operate under the "one company, one bank" principle, requiring platforms to establish real-name account partnerships with designated commercial banks to trade Korean won.