#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. The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea has received Bithumb's report to change the issuing bank for real-name accounts. If approved, Bithumb users will need to use a Kookmin Bank account for cryptocurrency transactions starting March 24. Under Korean law, cryptocurrency exchanges must have a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb partnered with Nonghyup Bank since 2018 but has been attempting 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. Under current South Korean law, domestic cryptocurrency exchanges operate under a "one company, one bank" principle, requiring platforms to establish a real-name account partnership with a designated commercial bank for Korean won transactions. Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year. The Financial Intelligence Unit (FIU) of the Financial Services Commission of South Korea recently received Bithumb's report on changing its real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24. This application to change partner banks may be Bithumb's pursuit of a more stable and reliable banking partnership to better serve its users.
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 a Kookmin Bank account from March 24.
Under South Korean law, cryptocurrency trading platforms must have a real-name account partnership with a designated commercial bank to trade KRW.
Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year.