#Bithumb Changes Partner Bank#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to switch its partner bank from Nonghyup Bank to KB Kookmin Bank. The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea has accepted the report submitted by Bithumb. If approved, Bithumb users will need to use a Kookmin Bank account for cryptocurrency transactions starting March 24. Under Korean law, cryptocurrency exchanges must establish a real-name account partnership with a designated commercial bank to trade Korean won. Bithumb 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 from Nonghyup Bank to KB Kookmin Bank. The change stems from the current South Korean law which stipulates that 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 Korean won. Bithumb signed a real-name account contract with Nonghyup Bank in 2018, but has been seeking to change its partner bank since last year. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) recently received a report from Bithumb regarding the change of real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb must use a Kookmin Bank account starting March 24th. This change means that Bithumb users will need to open a new Kookmin Bank account to continue trading on the platform.
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Public Sentiment
Discussion Word Cloud
Classic Views
Bithumb applies to change its partner bank from Nonghyup Bank to KB Kookmin Bank
Bithumb is seeking to replace its partner bank to improve services or lower costs
South Korean cryptocurrency exchanges must establish real-name account partnerships with designated commercial banks to trade Korean won
Bithumb's change of partner bank requires approval from the Financial Intelligence Unit (FIU) of the Financial Services Commission of South Korea