Bithumb Will Resume User Registrations Along With Reinstating Banking Contract One of South Korea's largest cryptocurrency exchanges, Bithumb, is said to be resuming service at Nonghyup Bank, allowing it to register new users again. CoinDesk writes about this with reference to the local news outlet Yonhap.

Bithumb will resume user registration along with the restoration of the banking contract

One of the largest cryptocurrency exchanges South Korean Bithumb allegedly resumes service at Nonghyup Bank, whereby she will be able to register new users again. About This writes CoinDesk with the link to local news outlet Yonhap.

According to him, Bithumb and Nonghyup are going to sign a contract on August 30 so that the exchange can use the so-called system again. virtual accounts based on real names.

At the beginning of the month became known that Bithumb is suspending user registrations while "service improvement procedures" are being implemented. Such a requirement was put forward by banks that refused to cooperate with the exchange due to doubts about its reliability, which were born on the basis of the June hack, when over $ 30 million in cryptocurrencies were stolen from Bithumb.

IN present time South Korean banks provide services local exchanges, processing their customers' deposits. However, each virtual account created on the exchange must correspond to a verified bank account, which allows tracking the movement of funds and preventing money laundering..

In addition, according to the current South Korea legislation, exchanges must keep their own operating funds separate from funds held by their clients.

After the registration on Bithumb was closed, the exchange trading volumes fell by 40% within three days and reached $200 million August 3rd. The next minimum for this indicator was updated on August 23 - for that day, Bithumb trading volumes amounted to about $ 71.7 million. At the time of publication, according to CoinMarketCap data, value is $ 356 million.

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