South Korean crypto exchange Bithumb is renewing its contract with the country’s Nonghyup Bank – a move that will allow the company to once more accept new account registrations.
According to the report from Korean news agency Yonhap, Bithumb and Nonghyup are planning to sign the contract on August 30 in order to allow the exchange to assign new so-called real-name virtual accounts to cryptocurrency traders.
Bithumb announced the suspension of its new account registration service on July 31, putting it down to a “service improvement process.” Reports at the time suggested the halt was forced upon the exchange because the bank was insisting on changes following the exchange’s $31 million hack in June.
Banks in South Korea can currently provide account services for crypto exchanges to deposit users’ assets on their behalf. However, each virtual account dedicated to a specific user within the exchange’s deposit account must be paired with the user’s verified identity so that banks can monitor the flow of the funds for anti-money laundering purposes.