#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) 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 24th. According to current South Korean law, domestic cryptocurrency exchanges operate under the principle of "one company, one bank," requiring platforms to establish real-name account partnerships with designated commercial banks to trade Korean won. Bithumb had signed a real-name account contract with Nonghyup Bank since 2018 and has been trying to change its partner bank since last year. This application for a bank change may be due to Bithumb's desire to secure a stronger banking partner to enhance its competitiveness in the South Korean cryptocurrency market.