#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 trading starting from March 24. Bithumb previously partnered with Nonghyup Bank, but has been trying to change its partner bank since last year. Under South Korean law, cryptocurrency exchanges must establish real-name account partnerships with designated commercial banks to trade Korean won.
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 its real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24. According to current South Korean law, domestic 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. Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to switch partner banks since last year. The application to change partner banks is likely due to Bithumb’s desire for a stronger banking partner to enhance its position in the South Korean cryptocurrency market and provide more support for its future development.
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, customers who trade cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24.
Under Korean law, cryptocurrency 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.