#Bithumb Changes Partner Bank#

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 of Korea has received Bithumb’s report on 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 Korean law, domestic cryptocurrency exchanges operate under a “one company, one bank” principle, which requires exchanges 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, but has been trying to change its partner bank since last year. This application to change its partner bank may be due to Bithumb’s desire to seek a more stable banking partnership or to find more competitive services.