#Bithumb Bank Change#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank. Bithumb has had a real-name account contract with Nonghyup Bank since 2018 and 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 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 law, domestic Korean cryptocurrency exchanges operate under a "one company, one bank" principle, requiring platforms to establish a real-name account partnership with a designated commercial bank 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, and has submitted a report to the Financial Intelligence Unit (FIU) of the Financial Services Commission to change the issuing bank for real-name accounts. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24th onwards. Under 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 for trading Korean won. Bithumb signed a real-name account contract with Nonghyup Bank in 2018, but has been seeking to change its partner bank since last year. This move to apply for a partner bank change could be due to Bithumb seeking a more stable banking relationship or to adapt to changes in the regulatory environment.
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 trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24.
Under Korean law, domestic cryptocurrency exchanges operate under a "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.