XRP
$0.29816 3.09%
XRP · 1w

South Korean Crypto Exchange Bithumb Re-opens Deposits & Withdrawals (including XRP)

ries of inspections carried out by the Korean Blockchain Association back in July. Other crypto exchanges that passed the tests include Korbit, Huobi Korea, OKEx and Upbit.

Bithumb’s market absence had a negative effect on the Korean crypto market, with many investors taking a negative cue from the hack and the subsequent KBA security audits. After passing the assessment and announcing its gradual return to regular operations, many hope that this will have a positive knock-on effect on crypto trading in South Korea.

In spite of this, the exchange firm is unable to renew and establish contracts with banks and as such, it has had to suspend the issuance of new bank-linked virtual accounts.

CCN earlier reported that, in January, regulators banned cryptocurrency trading through anonymous virtual bank accounts. To facilitate the linking of traders exchange wallets to their bank accounts, exchange firms are to establish contracts with local bank and renews such contracts every six months.

It was reported on Aug. 1 that Nonghyup Bank refused to renew a contract with Bithumb due to concerns of security following the June security breach.

Images from Shutterstock

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