#Bithumb Changes Partner Bank#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank. South Korea's Financial Services Commission's Financial Intelligence Unit (FIU) has received Bithumb's application. If approved, Bithumb users will have to use Kookmin Bank accounts for cryptocurrency transactions starting March 24. According to Korean law, cryptocurrency exchanges must have a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb has partnered with Nonghyup Bank since 2018 and started seeking a change in partner bank last year.
Ace Hot Topic Analysis
Analysis
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank. This change application has been accepted by 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 24. Under current Korean law, domestic cryptocurrency exchanges must establish real-name account partnerships with designated commercial banks to conduct Korean Won trading and adhere to a "one company, one bank" principle. Bithumb has partnered with Nonghyup Bank since 2018, but has been seeking to change its partner bank since last year. The success of this change application will impact the trading experience of Bithumb users and may have some impact on the Korean cryptocurrency market.
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 approved, Bithumb users will need to use a Kookmin Bank account to trade cryptocurrencies.
Bithumb has partnered with Nonghyup Bank since 2018, but has been trying to change its partner bank since last year.
South Korean cryptocurrency exchanges operate under the 'one company, one bank' principle, requiring exchanges to establish a real-name account partnership with a designated commercial bank to trade Korean won.