Bithumb and Korea Agricultural Association Bank Renew Real-Name Account Trading Contract

03/02/2023 08:32 • Tech Ticker • 132 views

On March 2, it was reported that Bithumb, the Korea Cryptographic Exchange, and the Korea Agricultural Association Bank had agreed to renew the real-name account trading contract. After both parties reach an agreement on the specific details of the contract duration, they will soon sign a renewal contract.

Bithumb and Agricultural Association Bank have agreed to renew the real-name account transaction contract

Interpret the above information:

Bithumb, one of the leading cryptocurrency exchanges in Korea, has renewed its real-name account trading contract with the Korea Agricultural Association Bank (KAB), as reported on March 2. The real-name account trading system, which requires customers to register with their real names and national ID numbers, is intended to prevent money laundering and other illicit activities by identifying the parties involved in cryptocurrency transactions.

The renewal of the contract shows the commitment of Bithumb and KAB to comply with the government regulations and promote a safer and more secure trading environment for customers. The real-name account trading system was introduced in January 2018 by the Korean government and became mandatory for cryptocurrency exchanges following a series of hacking incidents and fraud cases.

The renewal of the real-name account trading contract is a positive development, as it enables Bithumb to continue its operations and serve its customers without interruption. Moreover, the agreement with KAB enhances the credibility and legitimacy of Bithumb as a trusted and reliable cryptocurrency exchange. It also strengthens the partnership between the two entities and demonstrates their shared commitment to innovation and growth in the crypto industry.

The specific details of the contract duration have not been disclosed, but it is expected that both parties will sign the renewal contract soon. This will give Bithumb and KAB a clear framework for the continued implementation of the real-name account trading system and ensure that they remain in compliance with the government regulations.

In conclusion, the renewal of the real-name account trading contract between Bithumb and KAB is a positive development for the Korean crypto industry. It demonstrates the commitment of both entities to comply with the regulatory requirements and promote a safer and more secure trading environment for customers. The partnership between Bithumb and KAB serves as a model for collaboration and innovation in the crypto industry, and it is expected to contribute to the further growth and development of the sector.

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