• Crypto Lists
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Altcoin
  • Advertise With Us
  • Join our Telegram Community
Newsletter
ItsBlockchain
  • Blockchain
  • Bitcoin
    featured image

    A Beginner’s Guide to Bitcoin futures trading

    crypto traders 2021

    Top 5 Crypto traders to follow on Twitter in 2021

    featured image

    Everything you need to know about Bitcoin IRA

    featured image

    How Bitcoin can be hacked?

    featured

    A starter guide to Bitcoin Options trading

    Featured Image

    With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

    featured image

    Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

    featured image

    Why is Bitcoin a safe haven in a financial crisis

    featured image

    How to Make Money in Crypto When It Falls

    Trending Tags

    • Altcoin
    • Crypto Lists
    • Crypto Market
    • Guide
    • NFT
    • DEFI
    No Result
    View All Result
    • Blockchain
    • Bitcoin
      featured image

      A Beginner’s Guide to Bitcoin futures trading

      crypto traders 2021

      Top 5 Crypto traders to follow on Twitter in 2021

      featured image

      Everything you need to know about Bitcoin IRA

      featured image

      How Bitcoin can be hacked?

      featured

      A starter guide to Bitcoin Options trading

      Featured Image

      With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

      featured image

      Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

      featured image

      Why is Bitcoin a safe haven in a financial crisis

      featured image

      How to Make Money in Crypto When It Falls

      Trending Tags

      • Altcoin
      • Crypto Lists
      • Crypto Market
      • Guide
      • NFT
      • DEFI
      No Result
      View All Result
      ItsBlockchain
      No Result
      View All Result
      Home Business

      Bithumb Suspends Opening of New Virtual Accounts

      Ramaa Mohan by Ramaa Mohan
      March 2, 2021
      in Business, Crypto Market, News, Trading
      0 0
      0
      Bithumb Suspends Opening of New Virtual Accounts
      0
      SHARES
      ShareTweet

      Joining a long list of exchanges in South Korea, Bithumb too has suspended the opening of new virtual accounts after having failed to renew its contract with the bank. The suspension started as of the 1st of August and currently only three exchanges in the country are able to open new accounts.

      One Month Grace Period

      The cryptocurrency exchange made the announcement of halting the opening and issuing of new virtual accounts on the 1st of August. The reason cited by the company is that their contract with NH Nonghyup Bank could not be renewed.

      Bithumb is one of South Korea’s largest exchanges with a daily trading volume of  $212,078,076 USD at the time of writing and according to coinmarketcap’s ranking, the exchange is the largest exchange in terms of trading volume.

      The local news in the country has said that the bank has allowed the exchange with a one month’s grace period in which the users that already have virtual accounts can withdraw and deposit the native currency; Won. However, it is being noted and experienced with other exchanges that are undergoing the same thing that if the bank does permanently suspend their application, it is going to get harder to use their virtual accounts.

      And in South Korea, virtual accounts are required to make crypto-Won trades, withdraw and deposit into and from an exchange.

      Real-Name System

      At the end of January this year, the South Korean government unveiled its step to side-step cryptocurrency enabled money laundering by releasing a virtual account system called real name.

      The aim of real-name systems is to increase transparency in the field and make sure that the people involved in the cryptocurrency market in their country are not laundering money. To ensure that this system is used by all exchanges, the government has made it mandatory for all exchanges, with reasonably clean trading records,  to move their virtual account provisions to the new system.

      Currently, there are four cryptocurrency exchanges that are using the real-name system that is further provided by banks. The four exchanges that can open and continue to provide virtual account services are; Upbit, Bithumb, Coinone, and Korbit as a part of the South Korean government’s Anti-Money-Laundering Drive. Other exchanges in the country are still using corporate bank accounts.

      Bank Remains Firm on Rejection

      When approached with an appeal to change its mind the bank firmly rejected to reconsider. The first batch of renewal after the launch of real-name services was due in July. While the other three exchanges got their approvals without much of a hassel, the approval of Bithumb seems to have hit a major roadblock.

      A lot of local news reporters and written media have been seen quoting the bank saying that the government and the bank themselves have a few issues concerning the exchange’s approach to protecting its users and their information.

      It seems that Bithumb officials are running helter-skelter to get this approval done and one even made a statement that they are in the process of ironing-out final details with the bank which will hopefully convince them to renew Bithumb’s contract.  

      Also, read: Top 5 passive money making ways in the crypto market

      IBC-Transparent-Logo-(1)

      Subscribe To Our Newsletter

      Join our mailing list to receive Cryptocurrency investing and trading recommendations to your mailbox.

      You have Successfully Subscribed!

      Tags: ForReview

      Subscribe to get notified on latest posts.

      Unsubscribe

      Related Posts

      tron squire

      Tronsquire: A Million Dollar Scam on Rise In India which promises up to 1000x Returns on TRX

      by Hitesh Malviya
      March 7, 2021
      0

      Disclaimer: This article is solely based on our research and information we found on the internet about TRONSQUIRE, We don’t...

      NBA TOP SHOT

      NBA Top Shot: What’s All The Buzz About?

      by Hitesh Malviya
      March 8, 2021
      0

      Taking the sports card industry (and of course, the idea of blockchain marketplaces) by storm, NBA Top Shot from Dapper...

      crypto influencer

      Top 10 Influencers in Crypto New Investors Should Follow

      by Guest Author
      March 5, 2021
      0

      Choosing the right influencers to follow can be a game changer for the novice Crypto investor. As a new investor,...

      eth2 development

      According to Chainstack Report: Over 5,000 developers have contributed to the five client projects on Eth2 mainnet.

      by Hitesh Malviya
      March 1, 2021
      0

      Chainstack publishes report looking at development data on Eth2 clients. The team of Chainstack, creators of an accessible and easy...

      crypto scams

      Investors have lost $16 Billion since 2012 in 136 Crypto Scams

      by Hitesh Malviya
      February 26, 2021
      0

      In this article, we will present takeaways from Xangle's report which suggests Investors have lost more than $16 Billion since...

      Load More

      About Us

      We curate the best cryptocurrency projects with the intention of adding value for investors through the process of selecting, organizing, and looking after different projects available in the cryptocurrency market.

      • Trending
      • Comments
      • Latest
      Top 10 NFT Crypto Projects You Should Know

      Top 10 NFT Crypto Projects You Should Know

      March 8, 2021
      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

      March 8, 2021
      top-altcoins-march

      Top Ten Altcoins To Buy in March 2021- Part 1

      March 8, 2021
      hidden gems crypto

      Top 5 Hidden gems Crypto

      March 8, 2021
      non fungible token

      Non-fungible Token(NFT): The Next Big Thing in Crypto Market

      March 8, 2021
      featured image

      Top 10 Low market cap altcoins to invest in 2021

      March 8, 2021
      top 5 ido march

      Top 5 Upcoming Token Sale in March 2021

      March 2, 2021
      Top 10 crypto trading bots

      Top 10 crypto trading bots

      March 8, 2021
      tron squire

      Tronsquire: A Million Dollar Scam on Rise In India which promises up to 1000x Returns on TRX

      March 7, 2021
      top-altcoins-march

      Top Ten Altcoins To Buy in March 2021- Part 1

      March 8, 2021
      NBA TOP SHOT

      NBA Top Shot: What’s All The Buzz About?

      March 8, 2021
      blockchain myths

      Top 5 Blockchain Myths Explained

      March 4, 2021
      Top 10 NFT Crypto Projects You Should Know

      Top 10 NFT Crypto Projects You Should Know

      March 8, 2021
      top 5 ido march

      Top 5 Upcoming Token Sale in March 2021

      March 2, 2021
      • Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        Top 10 Cheap Cryptocurrencies with Huge Potential in 2021 | Best Penny Crypto Coins

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 1

        0 shares
        Share 0 Tweet 0
      • Top Ten Altcoins You Should Buy in February 2021 – Part 2

        0 shares
        Share 0 Tweet 0
      • Top 10 NFT Crypto Projects You Should Know

        0 shares
        Share 0 Tweet 0
      • List of leading partners of Ripple, and How they use XRP?

        0 shares
        Share 0 Tweet 0
      ItsBlockchain

      We are India’s first and oldest Blockchain & Cryptocurrency publication platform started in 2016. We are a one-stop destination for technical analysis, cryptocurrency recommendations, and Blockchain technology resources.

      Buying Guides

      • Buy Bitcoins in India
      • Buy Bitcoins in China
      • Buy bitcoins in Russia
      • Buy Bitcoins in Japan
      • Buy Bitcoins in Turkey

      Important Links

      • Home
      • About US
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      Follow Us

      Contact us

      support@itsblockchain.com

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      No Result
      View All Result
      • About US
      • DEFI
      • Home
      • Newsletter
      • Privacy Policy
      • Promote Your ICO
      • Submit post

      © 2020 itsblockchain.com - Designed and maintained by Fanatic Coders

      Login to your account below

      Forgotten Password?

      Fill the forms bellow to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.