#Bithumb Partner Banks#

South Korean cryptocurrency exchange Bithumb is applying to change its partnering bank to KB Kookmin Bank. The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea recently received 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 March 24. According to current South Korean law, local cryptocurrency exchanges operate under the "one company, one bank" principle, requiring platforms to establish a real-name account partnership with a designated commercial bank to trade KRW. 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 to change partner banks may be Bithumb's attempt to seek a more stable banking partnership or to better meet its business development needs.