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Bithumb Renews Agreement with Agricultural Bank for Real Name Confirmation Service

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Bithumb Renews Agreement with Agricultural Bank for Real Name Confirmation Service

On March 17th, the South Korean Cryptographic Exchange Bithumb announced that it would extend the cooperation agreement with the South Korean Agricultural Association Bank for the real name confirmation deposit and withdrawal service for another year. Bithumb explained that the renewal of the real-name account issuance contract with the South Korean Agricultural Association Bank has entered the final stage and plans to sign a formal contract before the contract expires on March 24th. Therefore, Bithumb customers can continue to use the service through their existing accounts.

Korea Cryptographic Exchange Bithumb to Renew Agreement with Agricultural Association Bank Real Name Account Cooperation for 1 Year

Analysis based on this information:


On March 17th, Bithumb, one of the major cryptographic exchanges in South Korea, announced its agreement with the Agricultural Association Bank for the extension of the real-name confirmation deposit and withdrawal service for another year. This service has been highly sought after ever since the South Korean government mandated the use of real names for all cryptocurrency transactions. Bithumb’s decision to renew the agreement with the Agricultural Association Bank reflects how important this service is for the company and its customers.

The real name confirmation service allows Bithumb to comply with South Korean regulations, which aim to prevent money laundering and other illegal activities using cryptocurrencies. By using real names, authorities can track transactions and identify any suspicious activity more easily. Furthermore, this service helps to increase trust between Bithumb and its customers. Through using their real names, customers are less likely to use cryptocurrencies for nefarious purposes and can be easily identified in the event of a security breach or fraudulent activity.

Bithumb’s announcement also shows that the company is committed to compliance with South Korean regulations. The agreement with the Agricultural Association Bank is one of the many steps that Bithumb is taking to ensure that it follows all the necessary regulations. Other measures include increased security measures, such as multi-factor authentication and advanced encryption technology.

The renewal of the agreement comes at a time of massive growth for the cryptocurrency industry. Bithumb is one of the biggest players in South Korea’s cryptographic market and is experiencing unprecedented demand for its services. Recently, demand for Bitcoin has surged in Asia, with investors safe-havening during times of economic and geopolitical uncertainty. Bithumb is likely to benefit from this trend and is well-positioned to expand its services to new customers.

In conclusion, Bithumb’s decision to renew its agreement with the Agricultural Association Bank highlights its commitment to compliance and customer trust. Real-name confirmation services are necessary for the growth and legitimization of the cryptocurrency industry, and Bithumb is leading the way in South Korea. The renewed agreement is a positive sign for the industry as a whole, indicating that legal and regulatory challenges are being met with practical solutions.

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