Bithumb And Nonghyup Bank Strengthen Partnership With Renewed Real-Name Trading Contract
- Bithumb and Nonghyup Bank have agreed to renew their contract for trading real-name accounts.
- Bithumb’s governance difficulties have emerged due to South Korean prosecutors’ investigation of Jiang Zhongxian and the crypto market’s downturn.
- Bithumb continues to operate and attract traders and investors. Renewing its contract with Nonghyup Bank will provide much-needed stability and continuity to its operations.
As reported by Newspim, Bithumb and Nonghyup Bank have agreed to renew their contract for trading real-name accounts. The specific details of the contract, such as the duration, are yet to be decided. However, the contract extension will be signed soon once the details are finalized.
The original contract between Bithumb and Nonghyup Bank expires on March 24. Therefore, Bithumb needs to renew the contract urgently. Nonghyup Bank will decide whether to extend the contract for half a year or a year, depending on Bithumb’s risks related to money laundering.
Recent reports suggest that rumors about Bithumb’s governance difficulties have emerged due to the investigation of Jiang Zhongxian by South Korean prosecutors and the crypto market’s downturn.
In South Korea, banks can offer account services to crypto exchanges and store users’ assets on their behalf. However, each virtual account must be linked to a specific user’s real-name verification identity to track the money flow for anti-laundering purposes.
Despite the challenges, Bithumb continues to operate and attract traders and investors. Renewing its contract with Nonghyup Bank will provide some much-needed stability and continuity to its operations.
South Korean cryptocurrency market continues to evolve and face various regulatory and technical challenges. However, the renewed contract between Bithumb and Nonghyup Bank is a positive development that could help foster the growth and stability of the market in the long run.
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