Bithumb Plans to Resume Service in Nonghyup Bank

Bithumb - one of the leading cryptocurrency exchanges of South Korea - will soon be able to restore its banking contract in the bank Nonghyup. This will contribute to the fact that the crypto exchange will be opened for registration of new users.

At the moment, resumption of service is only a planned event, which will be officially confirmed by the signing of a contract between Bithumb and Nonghyup as early as August 30. This will enable the exchange to use a virtual account system based on real time.

Recall that at the beginning of the month received information that the crypto exchange Bithumb had to suspend the registration of users. The pause was caused by "procedures for improving the service" after many banks refused to work with the crypto exchange because of doubts about its security system.

The reliability of Bithumb was questioned as a result of the hacking that occurred in June. At that time, the exchange lost more than $30 million in a cryptocurrency equivalent. Many banks put forward a number of requirements for crypto exchanges in order to increase transparency, prevent money laundering and track financial transfers. To do this, it is necessary that every account created on Bithumb has a binding to the verified network in the bank.