Korean man in checked shirt and glasses walking in front of Bithumb building

Bithumb Reopens Account Registration after June Hack

Aug 30, 2018, 8:48AM
1 min, 5 sec READ

Korean crypto exchange Bithumb is reopening account registration following the renewal of its commercial banking partnership with NH Nonhyup Bank

One of South Korea's largest crypto exchanges, Bithumb, is reopening account registration after nearly a month of closed access. The company initially lapsed their commercial banking partnership with NH Nonhyup Bank. Failure to comply with new regulations forced Bithum to freeze account creation until the renewal of contract with Nonhyup. Now that those steps have been completed, investors are again welcome to open accounts with the exchange.

We have decided not to renew the contract because Bithumb still has problems in protecting consumers and information and preventing money laundering. / NH Nonhyup Bank Official

Bithumb's June hack resulted in its banking partner rescinding on renewal conversation given concerns regarding investor information and internal operations. Nonhyup's positive reversal on position reflects that Bithumb has, at the minimum, taken steps to improve their security measures. 

Moving Forward

The regulation that forced Bithumb to temporarily stop account creation was implemented to protect investors from increasing fraud within the market. However, both regional and federal agencies have taken a step towards friendlier and more progressive opportunity in the market. Bithumb reestablishing itself before any legal changes secures a continued position at the top of the market for the company.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.