Bithumb applies to change its partner bank to National Bank of Korea

On January 13th, according to Insight Korea, South Korean cryptocurrency trading platform Bithumb is applying to change its partner bank to the National Bank of Korea (KB). The Financial Intelligence Unit (FIU) of the Financial Services Commission of South Korea recently accepted a report submitted by Bithumb regarding the change of the issuing bank for real name accounts. If approved, customers trading cryptocurrencies on Bithumb must use a national bank account starting from March 24th. According to current laws, cryptocurrency trading in South Korea follows the principle of "one company, one bank". According to the Specific Financial Information Act, trading platforms must establish a real name account partnership with designated commercial banks in order to trade Korean won. Bithumb has signed a real name account contract with Agricultural Cooperative Bank since 2018 and has been trying to change its cooperative bank since last year.