KB Kookmin extends Bithumb deal for one year
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- KB Kookmin Bank has agreed to extend its real-name account deal with Bithumb for one year.
- The renewal follows a shorter six-month deal signed after Bithumb’s Bitcoin payout error.
- South Korea’s Financial Intelligence Unit must still approve the new agreement.
KB Kookmin Bank has agreed to extend its real-name account deal with Bithumb for one year.
The new deal could keep Bithumb’s banking partnership in place until September 2027, pending regulatory approval.
KB Kookmin Bank reviewed Bithumb’s anti-money laundering systems before agreeing to the extension, saying, “We are reviewing whether to renew the contract based on the data secured through this audit.”
The latest deal follows a six-month renewal in February after Bithumb mistakenly credited customers with about 620,000 Bitcoin (CRYPTO:BTC) during a promotion.
The bank also considered customer growth and higher deposits linked to Bithumb when making its decision.
The shorter February deal came after the Bitcoin payout error and a separate police investigation involving Bithumb.
The renewal comes as South Korean banks continue reviewing their partnerships with local crypto exchanges.
At the time of reporting, Bitcoin price was $79,322.02.
