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.