#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, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24. According to Korean law, domestic cryptocurrency exchanges operate on 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.
Ace Hot Topic Analysis
Analysis
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank. The change 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 a Kookmin Bank account from March 24th. Under current 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 trading Korean won. Bithumb signed a real-name account contract with Nonghyup Bank in 2018, but has been attempting to switch partner banks since last year. The specific reason for this bank change has not been announced, but industry insiders speculate that it may be related to Nonghyup Bank's attitude towards cryptocurrency trading. This move by Bithumb also reflects the Korean cryptocurrency industry's pursuit of more stable banking partnerships to better adapt to the regulatory environment.
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Public Sentiment
Discussion Word Cloud
Classic Views
Bithumb applied to change its partner bank from Nonghyup Bank to KB Kookmin Bank.
Bithumb's application has been accepted by the Financial Intelligence Unit (FIU) of the Financial Services Commission.
If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24th.
South Korea's domestic cryptocurrency exchanges operate on a 'one company, one bank' principle, requiring platforms to establish real-name account partnerships with designated commercial banks to trade Korean won.