Key Points:
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.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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