Bithumb Resumes New Client Sign-Ups after Cutting Bank Deal
Bithumb and NH Nonghyup Bank have reached an agreement after negotiating for a month the renewal of their contract.
Bithumb, the largest cryptocurrency exchange in South Korea by transaction volume, has resumed signing up new clients, local news agency Yonhap reports.
The exchange, which has had some bank troubles, has reached an agreement with one of the country’s major financial institutions - NH Nonghyup Bank. The deal comes in effect on August 30, upon which time Bithumb will start signing up new clients.
"We decided to keep the investor assets separate, and we will not accept interest or deposit," a representative of the bank toldYonhap.
According to the report, the payment of interest to Bithumb was the main bone of contention between the exchange and the bank. In addition, Bithumb has agreed to encourage its clients to reveal their true identity and open accounts in their names, which is anyway required by users of crypto exchanges in the country.
Bithumb temporarilysuspendedthis service in the beginning of August after failing to renew its contract with NH Nonghyup Bank. The measure affected only new clients, while existing ones were able to continue their regular activities on the platform.
According to media reports at the time, NH Nonghyup Bank decided not to extend its agreement with the exchange, quoting problems with client protection on the part of Bithumb. Platform representatives responded by saying they were working with the bank to iron out their differences and eventually sign a new agreement or renew the old one.
Bithumb is among the largest cryptocurrency exchanges in South Korea, where crypto trading is extremely popular. It vies for the top position with Upbit.
This past June, Bithumb fell victim to a hacker attack and was robbed of digital assets equivalent to $31 million at that time. Later, about half of the stolen amount was recovered.
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