#Bithumb Partner Banks#

South Korean cryptocurrency exchange Bithumb is applying to change its partner bank to KB Kookmin Bank, and has submitted a report to the Financial Intelligence Unit (FIU) of the Financial Services Commission. If approved, Bithumb users will need to use Kookmin Bank accounts for cryptocurrency trading from March 24th. According to current South Korean law, domestic cryptocurrency exchanges are subject to the "one company, one bank" principle, which requires trading platforms to establish real-name account partnerships with designated commercial banks in order to trade Korean won. Bithumb signed a real-name account contract with Nonghyup Bank in 2018, but has been trying to change its partner bank since last year. This application to change partner banks may be Bithumb seeking a more stable and reliable bank partnership to address the increasingly strict regulatory environment and growing user demand.