Korean Exchange Bithumb Is Accepting New Users Again

Bithumb is now accepting new investor registrations after a successful integration of "know-your-customer" procedures.

AccessTimeIconFeb 9, 2018 at 12:05 p.m. UTC
Updated Sep 13, 2021 at 7:33 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

South Korean cryptocurrency exchange Bithumb is now accepting new investor registrations following integration of new regulator-mandated "know-your-customer" (KYC) procedures.

In an announcement on its homepage, Bithumb said that, starting from Feb.9, investors on the platform will be able to confirm their real identity through accounts at Nonghyup Bank. The firm further detailed that KYC integration with Shinhan Bank is also being pursued.

The integration arrives just 10 days after a formal ban on anonymous virtual trading accounts in South Korea. As reported by CoinDesk, the country's Financial Services Commission (FSC) had mandated that all cryptocurrency exchanges in the country must introduce real-name verification procedures for all customers via domestic banks by Jan. 30.

That followed the ruling that domestic banks must stop issuing new virtual accounts to cryptocurrency exchanges, announced in late December.

The KYC integration means existing and new investors registered on Bithumb are able to resume trading in compliance with the commission's rules.

Yet it appears that not every platform is finding it easy to transition to the new KYC procedures. A smaller exchange, Coinpia, had to halt trading and deposits after it failed to integrate the verification system with local banks.

According to an earlier report from Korea's news agency Yonhap, banks in South Korea may reject small- to mid-sized cryptocurrency platforms and only integrate with major exchanges such as Bithumb, Upbit, Coinone and Korbit.

Editor's note: Some statements have been translated from Korean.

User registration image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.