#Bithumb Bank Change#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank. 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. The Financial Intelligence Unit (FIU) of the Financial Services Commission recently received a report submitted by Bithumb regarding the change of the real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb from March 24 will have to use a Kookmin Bank account. According to current law, domestic cryptocurrency exchanges in South Korea operate under a "one company, one bank" principle, requiring exchanges to establish a real-name account partnership with a designated commercial bank to trade Korean won.
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 received a report from Bithumb regarding the change of real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24th. According to current South Korean law, domestic cryptocurrency exchanges operate under a "one company, one bank" principle, requiring platforms to establish a real-name account partnership with a designated commercial bank 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 seeking a more stable banking partnership, or it may be a response to the changing regulatory environment.
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, customers who trade cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24th.
Domestic cryptocurrency exchanges in South Korea operate under the principle of "one company, one bank", meaning that trading platforms must establish a real-name account partnership with a designated commercial bank in order 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.