South Korean bank renews Bithumb contract, allowing new registrations

29 Aug, 2018
by Ryan Boltman
News
South Korean bank  renews Bithumb contract, allowing new registrations

Bithumb is reported to be renewing its contract with local bank, Nonghyup Bank. The move will allow the reopening of deposits which had closed in January. The reopening of deposits through Nonghyup Bank allows one of the most active countries in crypto, to actively invest in cryptocurrencies through Bithumb again. 

Korean news channel Naver News reported on Wednesday that Nonghyup Bank will be renewing their contract with Bithumb. 

Bithumb is currently one of the largest exchanges operating in South Korea. The exchange had closed down its ability to accept deposits in January which was apparently linked to the major hack which occured in June. The Bank wanted a more secure process for customers funds to be protected. 

Recap: Bithumb has stopped issuing new accounts, and sees 40% volume drop

The Bank will now allow customers to have their own virtual account with their funds held separately from the Bithumbs funds. The accounts will also need to be verified with identity documents to ensure the bank can monitor anti-money laundering practices. 

Bithumb is currently the 5th largest exchange in the World according to Coinmarketcap.com. Bithumb currently has daily trading volume of $358 million. 

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