The Korean exchange, which has been unable to create new accounts after failing to find a partner bank, appears to be on the verge of an agreement with NH Nonghyup Bank.
A few weeks ago it looked like Bithumb would be unable to comply with South Korea’s new cryptocurrency exchange regulations. The new rules require exchanges to partner with a bank to facilitate data sharing and help prevent money laundering. These partnerships must be renewed every six months. Bithumb previously partnered with Shinhan Bank. When that contract ended, Bithumb approached NH Nonghyup bank.
Earlier this month, NH Nonghyup announced it had turned down Bithumb’s overtures because the exchange, it claimed, “still has problems in protecting consumers and information and preventing money laundering.” Bithumb has a history of regulatory trouble.
Apparently, those issues have been addressed to NH Nonghyup’s satisfaction. According to South Korean outlet Yonhap News, “Two days before the deadline, both sides have successfully concluded a contract renewal.”
Bithumb and NH Nonghyup reportedly intend to finalize their agreement tomorrow.
Tim Prentiss is a writer and editor for ETHNews. He has a master’s degree in journalism from the University of Nevada, Reno. He lives in Reno with his daughter. In his spare time he writes songs and disassembles perfectly good electronic devices.
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