NongHyup Bank Extends Contract with Bithumb and Coinone Until September 24

[Asia Economy Reporter Kiho Sung] NH Nonghyup Bank has decided to extend the expiration of the real-name account issuance contracts with cryptocurrency exchanges Bithumb and Coinone until September 24, the deadline for the reporting grace period for virtual asset service providers under the Act on Reporting and Using Specified Financial Transaction Information (the Specified Financial Transaction Information Act, or Specified Act).

According to the financial sector on the 24th, Nonghyup Bank will first evaluate Bithumb and Coinone based on the previously agreed standards, and if they meet the existing criteria, it will renew contracts with them. The renewal period will be from August 1 to September 24. Originally, the contract period between Nonghyup Bank and Bithumb and Coinone was set to expire on July 31.

For the short-term renewal, Nonghyup Bank plans to conduct on-site inspections by visiting Coinone in the morning and Bithumb in the afternoon on the same day.

However, during the extended contract period, Nonghyup Bank will apply a new risk assessment standard to decide whether to renew contracts with the two exchanges. A Nonghyup Bank official stated, "The new risk assessment for the two exchanges will continue."

Meanwhile, under the Specified Act, cryptocurrency exchanges must obtain Information Security Management System (ISMS) certification and establish partnerships for real-name account issuance to report to the Financial Intelligence Unit (FIU) starting September 24 in order to operate legally.

This content was produced with the assistance of AI translation services.