The second largest South Korean cryptocurrency exchange, Bithumb, will reopen account registrations after a month of closure.

The reason is down to the exchange regaining its partnership with Nonghyup (NH) Bank.

Bithumb will Reopen Account Registrations

In South Korea, crypto exchanges must provide virtual bank accounts so users can withdraw and deposit Korean won without having to go through their banks. This is for efficiency and security.

And on August 30th, NH Bank, one of South Korea’s largest financial institutions, will sign an agreement with Bithumb to provide these virtual bank accounts to Bithumb users.

New Deal

In return for regaining banking support, Bithumb will follow specific requirements as dictated by South Korean law such as a ban on foreign citizens from using the exchange, along with measures like making sure traders link their exchange accounts to their actual banking account.

These new measures were introduced by the Government back in January.

It is with thanks to the new details of this agreement that NH Bank has renewed its partnership with the exchange, allowing new users to sign up and trade on the platform as early as this week.