#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 been accepted by the Financial Intelligence Unit (FIU) of the Financial Services Commission. If approved, Bithumb users will have to use Kookmin Bank accounts for cryptocurrency trading from March 24. According to South Korean law, cryptocurrency exchanges must establish a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb has partnered with Nonghyup Bank since 2018, but has been trying to change its partner bank since last year.
Ace Hot Topic Analysis
Analysis
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) recently accepted a report submitted by Bithumb regarding the change of its real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24th. Under current South Korean law, domestic cryptocurrency exchanges operate under a "one company, one bank" principle, requiring platforms to establish real-name account partnerships with designated commercial banks to trade Korean won. 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 banks indicates Bithumb is seeking a more stable banking partnership to ensure its continued operation in the South Korean market.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bithumb is applying to change its partner 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 "one company, one bank" principle, requiring platforms to establish real-name account partnerships with designated commercial banks to trade Korean won.
Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year.