One of the largest cryptocurrency exchanges of South Korea Bithumb, presumably, resumes service at Nonghyup Bank, so that it will be able to register new users again. This is written by CoinDesk with reference to the local news publication Yonhap.
According to his information, Bithumb and Nonghyup are going to sign a contract on August 30, so that the exchange can again use the so-called virtual accounts system based on real names.
At the beginning of the month it became known that Bithumb suspends the registration of users for the period of implementation of “procedures for improving the service.” This requirement was put forward by banks that refused to cooperate with the exchange because of doubts about its reliability born out of the June crack, when Bithumb was abducted over $30 million in cryptocurrencies.
Currently, South Korean banks provide services to local exchanges, processing the deposits of their customers. However, each virtual account created on the exchange must correspond to a verified bank account, which allows you to track the movements of funds and prevent money laundering.
In addition, according to the current legislation in South Korea, exchanges must keep their own operating funds separately from the funds owned by their customers.
After the close of registration for Bithumb, the trading volume of the stock exchange fell by 40% within three days and reached $200 million on August 3. The next low on this indicator was updated on August 23 – for this day the volume of Bithumb trades amounted to about $ 71.7 million. At the time of publication, according to the data of CoinMarketCap, the value is $356 million.