Bithumb to Restart New User Registrations

Bithumb to restart new user registrations, according to some of the local media reports. The exchange is about to sign an agreement with the Nonghyup Bank that will enable the company to renew the registration process.

29 August, AtoZ Markets One of the largest cryptocurrency exchanges in South Korea, Bithumb, has reportedly decided to renew its contract with the nation’s Nonghyup Bank. Such a move will re-enable the firm to accept new account registrations. 

Bithumb to Restart New User Registrations

One of the local news agencies has reported that Bithumb and Nonghyup are considering to ink the contract as soon as tomorrow, August 30. This would be done in order to enable the exchange to assign new so-called real – name virtual accounts to digital currency traders. 

Earlier this July, Bithumb has announced the suspension of its service of new account registration. The suspension was aimed at a “service improvement process.” Some online reports have suggested that the suspension has been forced on the exchange since the bank was insisting on changes following the hack attack that saw the loss of $31 million in June. That time, the exchange did not disclose any details in regards to which cryptocurrency and in which amount has been affected. However, it noted that the client’s loss will be covered by the company.

Later on, in August, the exchange has informed the public that its withdrawals and deposits services have been reactivated. Bithumb has highlighted that it had initially planned to re-launch its services at 11 AM local time but eventually had to reschedule the event until 7 PM on 4th August. According to the additional announcement from the company, the services would be first made available for nine cryptocurrencies. In addition, Bithumb noted that the delay has taken place due to efforts “to provide a more stable environment.”

Bithumb daily trading volume

As of the moment, banks in South Korea are allowed to provide account services for cryptocurrency exchanges to deposit their users’ assets on their behalf. Yet, each cryptocurrency account that is linked to a specific user within the exchange’s deposit account should be connected to the user’s verified identity. This is done in order for banks to monitor the flow of the funds for the anti-money laundering purposes.

According to South Korean law, users’ accounts also must be separated from company accounts that store an exchange’s own operating funds. 

After the July suspension note, the 24-hour trading volume on Bithumb took has dropped by 40 percent within three days, from approximately $350 million on July 31 to $200 million on August 3.

In addition, the daily trading volume has further slid to around $71.7 million by August 23. Yet, it had recovered to over $369 million at the press time.

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