🚫 Bithumb to stop issuing new accounts amid bank issues

South Korean crypto exchange Bithumb will stop issuing new accounts due to a lapsed contract with its main bank. Officials at NH Nonghyup Bank cited concerns with the exchanges ability to protect consumer information and prevent money laundering. Existing customers can still use the platform and Bithumb stated that they plan to resolve outstanding issues. Korean regulators introduced new rules in January requiring exchanges to renew contracts for virtual accounts every six months in a bid to prevent money laundering. Of the four largest Korean exchanges Bithumb was alone in failing to renew its commercial bank contract.