Bithumb suspends virtual accounts registration on lack of contracts with banks

Posted 02 August, 2018

Cryptocurrencies keep South Korea's trading platform Bithumb has reportedly suspended the registration of virtual accounts dye to expired contract with the bank. 

According to the local media, the registration has become unavailable since August 1. The exchange has reportedly failed to renew the contracts with the banking partner as well as failed to find new ones. 

At the same time, this will not affect the clients which already have virtual accounts for deposit/withdrawal operations. Binance had an agreement with Shinhan Bank but the latter refused to renew the cooperation. In this situation, the platform intended to switch to another bank Nonghyup and faced another rejection. 

Nonghyup Bank representative noted insufficient protection on the platform:

"We have decided not to renew the contract because Bithumb still has problems in protecting consumers and information and preventing money laundering."

For reference, Bithumb was hacked this June and lost some $30 million in terms of cryptos.

As a result, the exchange is said to be the only trading platform without contracts for virtual accounts registration. Specifically, Coinone exchange has signed a contract with  Nonghyup,  Upbit – Industrial Bank of Korea and Korbit –  Shinhan Bank.

At the same time, Binance management said that they had come to terms with  Nonghyup and the virtual accounts service would be resumed soon.

Notably, the authorities banned anonymous trading via virtual accounts since January 2018, while exchanges dealing with cryptocurrencies have to renew agreements with banks semi-annually.oftening

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02 August, 2018 12:13

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