Bithumb said to renew bank agreement, user registration to be restarted

Posted 29 August, 2018

South Korea's Bithumb, one of the major crypto trading platforms in the country, is said to resume cooperation with Nonghyup bank, which means that the exchange will be able to restart registration for new clients.

According to the local media, the companies are likely to sign a contract on August 30. As a result, the renewed agreement will enable Bithumb register real-name virtual accounts of traders.

For reference, the platform suspended registration in early August due to a lack of a contract with a bank. Specifically, banks refused to renew agreements with Bithumb citing insufficient quality of the service and its low reliability especially given the $30 million hack in June.

In South Korea, banks deal with local trading platforms in terms of processing clients' deposits. Still, a virtual account on the exchange must correspond to the verified bank account. These measures are aimed at tracking money movements and prevention of money laundering.

In June Korean regulator tightened rules for the crypto trading platforms, so now South Korean exchanges have to keep their own and clients' funds at different accounts. 

According to the available data, Bithumb recorded a 40% decline in trading just over few days after the registration suspension.

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