#Bithumb Bank Change#

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) has recently accepted Bithumb's report on changing the issuing bank for real-name accounts. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting from March 24. According to current laws, domestic cryptocurrency exchanges in South Korea 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. Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to switch its partner bank since last year.This application for a bank change may be due to Bithumb's desire for greater financial service support or to better meet regulatory requirements. The bank change could also impact Bithumb users, requiring them to open new bank accounts, for example.