S Korean Crypto Exchanges to Renew Banking Deals

Tim Alper
Tim Alper

17 Mar 2023 11:15 AM

South Korea’s leading crypto exchanges are ready to renew their banking deals – a sign that partnerships between the two sectors remains strong....

  • South Korea's top crypto exchanges are renewing their banking deals, indicating strong relations with the traditional financial sector.
  • Bithumb is close to finalizing a deal with NongHyup Bank to work together for at least another year.
  • Bithumb and NH Bank have strengthened anti-money laundering systems and provided stable services since they first started collaborating five years ago.
  • The move is a welcome tonic for larger, older banks who risk being frozen out of the crypto picture by newer, IT firm-backed neobanks.
  • Upbit, the market-leading crypto exchange, has enjoyed a surge in popularity since partnering with the Kakao Bank neobank rival K Bank.
  • K Bank allows new customers to open accounts via its mobile app, while Coinone and Kakao Bank are hopeful that their partnership will yield similar results.
  • NH Bank rival Shinhan Bank is unlikely to depart from its own partnership deal with the Korbit exchange.
  • The Upbit operator Dunamu has called on the government to lift the ban on initial exchange offerings (IEOs) to promote digital financial innovation in the domestic crypto sector.

The article has a positive sentiment as it highlights the strong relations between South Korea's top crypto exchanges and the traditional financial sector, and the renewal of banking deals between Bithumb and NongHyup Bank.

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Related Questions

Which South Korean crypto exchange is close to finalizing a deal with NongHyup Bank?
How long have Bithumb and NH Bank been collaborating?
Which neobank did Coinone turn to instead of NH Bank?
What is K Bank's strategy for new customers to open accounts?
What has Dunamu called on the government to do to promote digital financial innovation in the domestic crypto sector?

Related Queries

South Korea
crypto exchanges
banking deals
NongHyup Bank
Bithumb
anti-money laundering
neobanks
Upbit
Kakao Bank
K Bank
Shinhan Bank
Korbit exchange
Dunamu
initial exchange offerings (IEOs)
digital financial innovation.
South Korea
Banking

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