Crypto exchange, Bithumb, which is one of the largest South Korean exchanges, will be reopening account registrations after a month-long freeze. This update was shared by the South Korean local media outlet, Yonhap News in a report published on August 29.
The exchange will meet the stipulated requirements as mandated by the South Korean laws in return for regaining banking support. This was revealed by a spokesperson from Bithumb’s banking partner, Nonghyup Bank.
All services were suspended by the Nonghyup bank for the Bithumb crypto exchange towards the end of July this year. According to rumors doing the rounds at that time, this decision was taken by the bank after the exchange lost around $17 million in a hacking attack in June this year. The bank spokesperson stated that Nonghyup bank decided to keep the investor assets separate and also won’t accept deposits or interest.
South Korea in the month of January this year, introduced a wide range of rules for cryptocurrency exchanges operating in the country. Amongst these rules, South Korea also banned foreign citizens and ensured that all traders linked their accounts to their “real name” bank account.
The Bithumb exchange has had a troubled history with several hacks taking place on the exchange platform. Owing to these hacks, the pressure on the executives was piled on by the regulatory authority in order to ensure compliance from the exchange’s end in meeting all the required parameters, as mentioned in the Cointelegraph report. Meanwhile, markets have already begun reacting especially with the fresh agreement due to come into force on August 30, 2018.
Trade volumes on the Bithumb crypto exchange have increased precipitously in the last 24 hours. BTC/KRW displayed gains of almost 70 percent versus August 27-28. Earlier the trade volumes of the exchange had tanked following the banking problems. Presently Bithumb ranks as the fifth largest crypto exchange in the world.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]