#Bithumb partner banks#
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 for real-name accounts. If approved, Bithumb users will need to use a Kookmin Bank account for cryptocurrency transactions starting March 24. According to Korean law, cryptocurrency exchanges must have a partnership with a designated commercial bank for real-name accounts 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 (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 law, Korean domestic 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 and has been trying to change its partner bank since last year. This application to change the partner bank may be due to Bithumb's desire to partner with a bank that is larger and more influential in order to enhance the platform's reputation and competitiveness.
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, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24.
Under current South Korean law, cryptocurrency exchanges must partner with designated commercial banks to establish real-name accounts for trading 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.