#Bithumb Bank Change#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank. Under current South Korean law, cryptocurrency exchanges must have 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, but has been trying to change its partner bank since last year. If the application is approved, customers trading cryptocurrencies on Bithumb will have to use a Kookmin Bank account from March 24th.
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 from March 24 will have to use Kookmin Bank accounts. Under current South Korean law, local 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 application to change banks indicates Bithumb is seeking a more stable banking partnership and could be related to Nonghyup Bank's cautious stance on cryptocurrency business.
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 trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24.
According to current South Korean law, local cryptocurrency exchanges operate under the "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.