#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) recently accepted the 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 from March 24th. According to current South Korean law, domestic cryptocurrency exchanges are subject to a "one company, one bank" principle. Bithumb has signed a real-name account contract with Nonghyup Bank since 2018 and 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 of Korea recently accepted the 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 24. Under current law, domestic cryptocurrency exchanges in South Korea operate under the “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 switch partner banks since last year. This application for a change in partner bank may be due to problems with Bithumb's partnership with Nonghyup Bank, or it may be that Bithumb wants to partner with a larger and more influential bank 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.
The change requires approval from the Financial Intelligence Unit (FIU) of the Financial Services Commission of Korea.
If approved, Bithumb users will need to use Kookmin Bank accounts for cryptocurrency transactions starting March 24.
South Korean cryptocurrency exchanges operate under a "one company, one bank" principle, requiring platforms to establish real-name account partnerships with designated commercial banks in order to trade Korean won.