#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 of Korea has received Bithumb's report to change the issuing bank of real-name accounts. If approved, customers trading cryptocurrencies on Bithumb from March 24th onwards will have to use Kookmin Bank accounts. According to Korean law, cryptocurrency exchanges must have 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 recently accepted a report submitted by Bithumb regarding the change of real-name account issuing bank. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts starting March 24. According to current South Korean law, domestic cryptocurrency exchanges operate under the "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. The reason for this application to change banks has not been announced, but analysts believe it may be due to Nonghyup Bank's more conservative stance towards cryptocurrency trading, while Kookmin Bank is relatively more open. This bank change will have a certain impact on Bithumb 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 from Nonghyup Bank to KB Kookmin Bank.
If approved, Bithumb users must use Kookmin Bank accounts for cryptocurrency transactions starting from March 24.
South Korea's cryptocurrency exchanges 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 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.