Bithumb Renews Cooperation Agreement with South Korean Agricultural Association Bank

03/17/2023 03:15 • Tech Ticker • 157 views

On March 17th, the South Korean Cryptographic Exchange Bithumb announced that it would extend the cooperation agreement with the South Korean Agricultural Association Bank for the real name confirmation deposit and withdrawal service for another year. Bithumb explained that the renewal of the real-name account issuance contract with the South Korean Agricultural Association Bank has entered the final stage and plans to sign a formal contract before the contract expires on March 24th. Therefore, Bithumb customers can continue to use the service through their existing accounts.

Korea Cryptographic Exchange Bithumb to Renew Agreement with Agricultural Association Bank Real Name Account Cooperation for 1 Year

Analysis based on this information:

On March 17th, 2021, Bithumb, one of the leading Cryptographic exchanges in South Korea, extended its cooperation agreement with the South Korean Agricultural Association Bank for another year. This agreement was initially signed in 2019 to enable real-name confirmation deposit and withdrawal services for Bithumb customers.

Bithumb announced that the renewal of the real-name account issuance contract with the South Korean Agricultural Association Bank has entered the final stage and is expected to sign a formal contract before the contract expires on March 24th, 2021. This renewal agreement is a significant move for the South Korean Cryptographic exchange as it confirms its commitment to comply with South Korea’s regulatory policies.

The real-name confirmation deposit and withdrawal service has been one of South Korea’s regulatory requirements for Cryptographic exchanges since 2018 when the country enforced new Cryptographic regulations. The aim of this regulation was to promote transparency and prevent money laundering activities through Cryptographic trades.

By extending the cooperation agreement with the South Korean Agricultural Association Bank, Bithumb ensures that its customers can continue to use the service through their existing accounts. This is particularly important given that it will help to maintain the stability of the Cryptographic exchange as it seeks to adapt to the increasingly competitive Cryptographic industry in South Korea.

Moreover, the renewed cooperation agreement with the South Korean Agricultural Association Bank could help to improve the Cryptographic exchange’s customer base, as this service offers a higher level of security and transparency for Cryptographic trades.

In conclusion, Bithumb’s announcement to renew its cooperation agreement with the South Korean Agricultural Association Bank highlights the importance of regulatory compliance for Cryptographic exchanges. The renewal agreement ensures Bithumb customers can continue to use the real-name confirmation deposit and withdrawal service, which offers an additional layer of security and transparency to Cryptographic trades. Therefore, Bithumb is positioned to maintain its leading position in the South Korean Cryptographic industry by complying with the country’s regulatory requirements.

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