#Bithumb Bank Change#
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 (FSC) has accepted the report submitted by Bithumb to change the issuing bank for its real-name accounts. If approved, Bithumb users will need to use Kookmin Bank accounts for cryptocurrency transactions starting March 24. According to South 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 has partnered with Nonghyup Bank since 2018, but has been trying to switch partner banks since last year.
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 accepted Bithumb's report on changing the issuing bank for its real-name accounts. If approved, customers trading cryptocurrencies on Bithumb must use Kookmin Bank accounts from March 24. Under current South Korean law, domestic cryptocurrency exchanges operate under a "one company, one bank" principle, requiring platforms to have 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, and has been trying to change its partner bank since last year. The application to change partner banks is likely due to Bithumb's desire to secure a stronger banking partner, boosting its position in the South Korean cryptocurrency market and better navigating the changing 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, Bithumb users must use Kookmin Bank accounts for cryptocurrency transactions starting March 24.
South Korea's cryptocurrency exchanges operate under the "one company, one bank" principle, requiring platforms to establish real-name account partnerships with designated commercial banks 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.