Instead of using NongHyup Bank, Bithumb, South Korea’s second-largest cryptocurrency exchange, has opted for Kookmin Bank as a move to expand their reach within the traditional financial market.
Based on an article in The Korea Times dated January 13th, Bithumb plans to switch their banking partner for deposit and withdrawal services from NH NongHyup Bank to KB Kookmin Bank, effective from March 2025.
In simpler terms, South Korea’s financial regulatory body, known as the Financial Intelligence Unit, has given its approval for Bithumb, a cryptocurrency exchange, to switch its banking partner. As per the law in South Korea, crypto exchanges can only have one bank partnership to handle Korean Won transactions, and Bithumb’s current partnership with Nonghyup will conclude on March 23.
Starting from March 24, 11:00 AM KST, investors looking to trade virtual assets on Bithumb will need to open a Kookmin Bank account with their real names and connect it to their Bithumb account. Previously, they had the option of using a NongHyup Bank for trading, but this is no longer possible on Bithumb.
On the contrary, users are able to connect their Kookmin Bank accounts as of January 20th, starting from 9:00 AM (Korean Standard Time), as announced by an official from Bithumb. Further instructions on how to go about this process will be shared in a subsequent announcement.
In simpler terms, Lee Jae-won, CEO of Bithumb, expressed gratitude to NongHyup Bank for their years of collaboration with Bithumb. He also reassured users that the cryptocurrency exchange will manage a seamless transition, as they incorporate corporate accounts from Kookmin Bank into their operations.
Going ahead, both firms aim to promote a thriving and sustainable expansion within the digital assets sector,” stated Lee.
It’s thought that Bithumb’s choice of changing partner banks from NongHyup Bank to Kookmin Bank was driven by their aim to broaden their market presence, particularly focusing on attracting a younger demographic.
Based on an annual survey, Kookmin Bank has been found to be the second preferred banking option for South Korean citizens in their twenties, trailing slightly behind KakaoBank – a bank that originates from the popular social messaging platform KakaoTalk.
In September, Kookmin initiated the “So Young” Debit Card program, providing exclusive deals at businesses popular among teens.
Moreover, Kookmin Bank ranks among the top four largest banks in South Korea, sharing this position with Shinhan Bank, Hana Bank, and Woori Bank. Notably, Korbit is currently the sole crypto exchange in South Korea that has established a partnership with one of the big four banks, specifically Shinhan Bank.
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2025-01-13 15:20