Bithumb Renews Real-Name Account Trading Contract with Korea Agricultural Association Bank
On March 2, it was reported that Bithumb, the Korea Cryptographic Exchange, and the Korea Agricultural Association Bank had agreed to renew the real-name accou…
On March 2, it was reported that Bithumb, the Korea Cryptographic Exchange, and the Korea Agricultural Association Bank had agreed to renew the real-name account trading contract. After both parties reach an agreement on the specific details of the contract duration, they will soon sign a renewal contract.
Bithumb and Agricultural Association Bank have agreed to renew the real-name account transaction contract
Interpretation of the news:
Bithumb, one of the most prominent cryptocurrency exchanges in Korea, has agreed to renew its real-name account trading contract with the Korea Agricultural Association Bank (KAAB). The news was announced on March 2, and both parties are expected to sign a renewal contract soon after working out the specific details of the agreement.
The real-name account trading system was introduced in January 2018 by Korean financial authorities to enhance transparency and prevent money laundering in cryptocurrency trading. Under this system, traders are required to link their cryptocurrency exchange accounts with their real-name bank accounts, and the exchanges must verify the identity of their users through a whitelisting process managed by the banks.
In renewing the contract with KAAB, Bithumb has demonstrated its commitment to complying with Korean regulations and maintaining a secure and trustworthy trading platform for its users. This move is also significant in light of the recent crackdown on illegal cryptocurrency activities in Korea. The authorities have been stepping up their efforts to crack down on money laundering and tax evasion in the crypto industry, and some exchanges that have failed to comply with the real-name account system have been forced to shut down or face legal action.
Bithumb, which was previously hacked in 2018 and lost around $30 million worth of cryptocurrencies, has since implemented stricter security measures to prevent such incidents from happening again. The exchange has also expanded its services and launched a US-based subsidiary last year to tap into the global market.
In conclusion, Bithumb’s renewal of its real-name account trading contract with KAAB is a positive development for the Korean crypto industry, as it reinforces the importance of transparency and compliance in the sector. It also highlights the need for exchanges to work closely with regulatory authorities to ensure the sustainability of the ecosystem.
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