#Bithumb Changes Partner Bank#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank. Under current South Korean law, cryptocurrency exchanges must establish a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb has had a real-name account contract with Nonghyup Bank since 2018, but has been trying to change its partner bank since last year. The Financial Intelligence Unit (FIU) of the Financial Services Commission recently received a report from Bithumb regarding the change of the real-name account issuing bank. If approved, customers trading cryptocurrency on Bithumb will have to use a Kookmin Bank account from March 24th onwards.
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 from March 24th. According to current laws, domestic cryptocurrency exchanges in South Korea 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 change its partner bank since last year. This application to change the partner bank may be due to Bithumb's desire to partner with a larger and more influential bank to enhance the platform's reputation and user experience.
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 (KB).
Bithumb's application has been accepted by the Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea.
If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24.
Korea's domestic cryptocurrency exchanges operate on a "one company, one bank" principle, requiring trading platforms to establish real-name account partnerships with designated commercial banks to trade Korean won.