Bithumb’s banking partner, Nonghyup Bank stated that Bithumb would be meeting all the banking laws of South Korea for regaining their banking support. Nonghyup previously suspended it’s services towards Bithumb, just after the exchange reported a hack of $17 Million, a month back.
As per the bank’s official statement,
“We decided to keep the investor assets separate, and we will not accept interest or deposits.”
To be noted, from January, South Korea has been actively introducing wide rules for cryptocurrency exchanges ensuring safety of traders and their linked accounts with banks and banning foreign malicious trade supporting money laundering.
Although, Bithumb has seen it’s fair share of hacks, it was subjected to pressure for increased compliance.
With the conclusive announcement, the downward trending trade at the exchange seems to relive again with BTC/KRW posting gains of almost 70 percent versus August 27-28.
Bithumb currently is ranked 5th crypto exchange globally, as per trading volumes with more than $362.4 million in last 24 hrs.