#Bithumb Bank Change#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank, and the Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) has already accepted the application. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24. Under South Korean law, cryptocurrency exchanges are required to have a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb has been partnered with Nonghyup Bank since 2018 for its real-name account system, and 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, and has already submitted a report to the Financial Intelligence Unit (FIU) of the Financial Services Commission. If approved, Bithumb users will need to use Kookmin Bank accounts for cryptocurrency transactions starting March 24. According to current South Korean law, domestic cryptocurrency exchanges operate under the principle of "one company, one bank," requiring platforms to establish a real-name account partnership with a designated commercial bank for Korean won trading. 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. This application for a bank change could be due to Bithumb's desire to acquire a stronger banking partner to enhance the platform's reputation and security, or it could be related to Nonghyup Bank's stance on cryptocurrency transactions.
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 will have to use Kookmin Bank accounts for cryptocurrency transactions starting March 24.
South Korea's 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 has been working with Nonghyup Bank since 2018 and has been trying to change its partner bank since last year.