ChainCatcher news, according to Insight Korea, South Korean cryptocurrency exchange Bithumb is changing its partner bank to KB Kookmin Bank. The Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission has recently accepted Bithumb's report regarding the change of the bank issuing real-name accounts. If approved, starting from March 24, customers trading cryptocurrencies on Bithumb will need to use a Kookmin Bank account.According to current laws, South Korean domestic cryptocurrency exchanges operate under the "one company, one bank" principle. Under the Specific Financial Information Act, exchanges must establish a real-name account partnership with a designated commercial bank to trade in Korean won.Bithumb has had a real-name account contract with Nonghyup Bank since 2018. However, Bithumb has been trying to change its partner bank since last year to secure market share before the contract with Nonghyup Bank expires. As a result, the two companies, which typically sign one-year contracts, only extended their contract for six months in March. A Bithumb representative stated, "We are requesting confirmation from the financial authorities and plan to announce relevant information as early as the 13th."

ChainCatcher news, according to the Seoul Economic Daily, Bithumb is once again pushing to change its real-name account partner bank from NH Bank to KB Kookmin Bank. This move aims to diversify its customer base and narrow the gap in market share with South Korea's largest exchange, Upbit.Since 2018, Bithumb has signed a contract with Nonghyup Bank for issuing real-name accounts, renewing it every six months or annually. In March of this year, after a failed transaction with Kookmin Bank, Bithumb also signed a six-month renewal contract with Nonghyup Bank.Industry insiders believe that this transaction is more likely to be finalized compared to March. A financial industry insider stated, "Since the contract with Nonghyup Bank will expire in September, there will be no uncertainty due to the implementation of this bill, as this is a new contract after the bill has already been implemented."