Bithumb, a major cryptocurrency exchange in Korea, will switch its deposit and withdrawal services from NH NongHyup Bank to KB Kookmin Bank starting March 2025, as reported by The Korea Times on January 13.
South Korea’s Financial Intelligence Unit (FIU) has approved Bithumb’s application to switch partner banks from NongHyup Bank to Kookmin Bank. Bithumb’s current partnership with NongHyup will end on March 23. Under South Korean law, cryptocurrency exchanges can partner with only one bank for Korean-won transactions. Beginning March 24 at 11:00 a.m., KST accounts with NongHyup Bank will no longer be supported, and investors must open a real-name account with Kookmin Bank to trade on Bithumb.
Users can link their Kookmin Bank accounts to Bithumb starting January 20 at 9:00 a.m. KST, with detailed instructions to be provided later. Bithumb CEO Lee Jae-won thanked NongHyup Bank for their partnership and emphasized a smooth transition to Kookmin Bank, including introducing corporate accounts.
“Moving forward, both companies will do their best to ensure the healthy and stable growth of the virtual asset market,”
Lee stated.
A recent annual survey revealed that Kookmin Bank is South Koreans’ second most popular bank in their 20s, following KakaoBank. In September, Kookmin Bank launched the “So Young” debit card program to enhance its appeal to younger customers, providing exclusive discounts at businesses popular with teenagers.
Notably, Bithumb has restructured its former subsidiary, Bithumb Meta, renaming it Bithumb Partners, which will now focus on investments. This change follows Bithumb Meta’s difficulties in the NFT and metaverse sectors, leading to exits by major investors like LG CNS and SK Square in 2023. The rebranding started in late 2024, with Bithumb investing 1 billion KRW, raising the subsidiary’s total capital to 2 million. A new leadership team, including internal executives and external hire Im Tae-Seong, has been appointed to oversee the new direction.
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