#Bithumb Changes Partner Bank#
Hot Topic Overview
Overview
South Korean cryptocurrency exchange Bithumb is applying to change its partner bank from Nonghyup Bank to KB Kookmin Bank. 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. The Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea recently received Bithumb’s report on changing the issuing bank of its real-name account. If approved, customers trading cryptocurrencies on Bithumb will have to use Kookmin Bank accounts from March 24 onwards. According to current South Korean law, domestic cryptocurrency exchanges are subject to a “one company, one bank” principle, meaning that trading platforms must 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 of Korea recently accepted 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 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 for KRW trading. 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 its partner bank may be due to Bithumb's desire to secure a stronger banking partner to enhance its position and competitiveness in the South Korean cryptocurrency market.
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.
Bithumb's move is to replace its partner bank, as its partnership with Nonghyup Bank has been trying to change since last year.
Under Korean law, cryptocurrency exchanges must have a real-name account partnership with a designated commercial bank to trade in KRW.
If Bithumb's application is approved, customers trading cryptocurrencies on Bithumb will have to use a Kookmin Bank account from March 24.