#Bithumb Bank Change#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank. The Financial Intelligence Unit (FIU) of the Financial Services Commission (FSC) has received Bithumb’s report to change the issuing bank for real-name accounts. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24. Under current South Korean law, local cryptocurrency exchanges operate under a “one company, one bank” principle, meaning exchanges must 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 switch partner banks 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 received a report submitted by Bithumb regarding the change of real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb must use Kookmin Bank accounts starting 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 signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year. The reason for this bank change remains unclear, but it may be due to issues with Bithumb's partnership with Nonghyup Bank, or Bithumb's desire to establish a closer relationship with Kookmin Bank. This change in partner bank will have an impact on Bithumb's users, who will need to open a new Kookmin Bank account to continue trading cryptocurrencies on Bithumb.
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 24.
According to current South Korean law, domestic cryptocurrency exchanges operate on a "one company, one bank" principle.
Bithumb signed a real-name account contract with Nonghyup Bank in 2018 and has been trying to change its partner bank since last year.