Bithumb has suspended opening new accounts

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The South Korean crypto exchange Bithumb has suspended registration of new users since August 1, as it could not renew the contract with the servicing bank.

The announcement says that customers with valid accounts can easily deposit and withdraw funds. However, NH Nonghyup Bank only gave one additional month of preferential service and financial services. Therefore, if the trading platform is unable to renew the contract, then any operations with the account will become more complicated..

The problem is that, despite meeting new government identification requirements, the bank considers Bithumb’s security system to be insufficiently secure. According to NH Nonghyup, the exchange has data protection gaps and pays little attention to the fight against money laundering. Bank Backs Up Its Decision With A Recent Platform Hack And Theft Of $ 16.9 Million.

Bithumb previously partnered with Shinhan Bank, but the relationship was terminated due to increased risks associated with serious security breaches. The management of the crypto exchange plans to agree with NH Nonghyup as soon as possible, extend the contract and renew the registration of new users.

Bithumb has suspended opening new accounts

Recent negative news has spoiled the mood of traders again. However, analysts believe the market will be able to recover quickly, fueled by anticipation of the SEC’s Bitcoin ETF CBOE decision..

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text: Ivan Malichenko, photo: Bloomberg

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