#Bithumb Bank Change#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank, and has submitted a report to the Financial Intelligence Unit (FIU) of the Financial Services Commission to change the issuing bank for real-name accounts. If approved, customers trading cryptocurrencies on Bithumb will need to use a Kookmin Bank account starting March 24. Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year. This application is the latest development in its efforts to change banks. Under current South Korean law, local cryptocurrency exchanges operate under a "one company, one bank" principle, requiring platforms to establish real-name account partnerships with designated commercial banks to trade in Korean won.
Ace Hot Topic Analysis
Analysis
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank, and has already received acceptance from 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 Korean law, cryptocurrency exchanges must have a real-name account partnership with a designated commercial bank to trade Korean won, implementing a "one company, one bank" principle. Bithumb signed a real-name account contract with Nonghyup Bank in 2018, but has been trying to change its partner bank since last year. This application for a bank change signifies Bithumb's pursuit of a more stable partnership and potentially offering a more convenient trading experience for its users.
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 need to use a Kookmin Bank account to trade cryptocurrencies.
The bank change is due to Bithumb's efforts to change its partner bank since last year.
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 for Korean Won trading.