#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) of South Korea recently received a report from Bithumb regarding the change of the issuer bank for real-name accounts. If approved, customers trading cryptocurrencies on Bithumb must use a Kookmin Bank account from March 24. According to current law, domestic cryptocurrency exchanges in South Korea operate under the "one company, one bank" principle. According to the "Specific Financial Information Act," trading platforms must establish real-name account partnerships with designated commercial banks to trade Korean won. 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 to change banks may be Bithumb's attempt to seek a more stable banking partnership, or it may be in response to changes in the South Korean cryptocurrency regulatory environment.