Korean Crypto Exchange Bithumb Suspends Opening New Virtual Accounts

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Bithumb has suspended issuing new virtual accounts to crypto traders starting on August 1 after failing to renew the contract with its bank. These accounts are part of the real-name system enforced by the Korean government earlier this year. Only three exchanges in the country are now reportedly able to open new virtual accounts for their customers.

Bithumb Halts Issuing New Virtual Accounts

Crypto exchange Bithumb has announced the suspension of new virtual account issuance starting on August 1. With a 24-hour trading volume of $245,786,110 at the time of this writing, Bithumb currently ranks as South Korea’s largest cryptocurrency exchange by trading volume, according to Coinmarketcap.

However, the news outlet noted that “customers who already have virtual accounts can use them for deposit and withdrawal services.” For Bithumb customers, virtual accounts are needed to deposit or withdraw Korean won.
https://news.bitcoin.com/korean-crypto-exchange-bithumb-virtual-accounts/

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