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Bithumb’s Bank Switch Under Review by South Korean Regulator

Author: Content Editor
South Korea's Financial Intelligence Unit (FIU) is currently evaluating Bithumb's request to change its real-name account partner bank. Bithumb has also submitted draft data to renew its Virtual Asset Service Provider (VASP) license, potentially switching from NH Nonghyup Bank to KB Kookmin Bank. Discussions with financial authorities are ongoing, but no decisions have been made yet. Contrary to earlier reports, the FIU clarified that Bithumb's attempt to change its banking partner was not blocked. Other leading crypto exchanges in South Korea have established partnerships with different banks. NH Nonghyup Bank, Bithumb's current partner, typically does not disclose contract renewal details. The Financial Supervisory Service (FSS) is preparing to conduct on-site inspections of crypto exchanges, with Bithumb being the first platform to be examined.

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