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Photo courtesy of Yonhap News |
[Alpha Biz= Kim Jisun] KB Kookmin Bank has decided to extend its real-name account partnership with cryptocurrency exchange Bithumb by six months, shortening the usual one-year contract period amid heightened risk concerns.
According to the cryptocurrency industry on Monday, KB Kookmin Bank and Bithumb agreed to maintain the partnership for an additional six months beyond its expiration later this month.
The shorter extension is widely seen as reflecting growing internal and external risks surrounding Bithumb, which have increased the bank’s burden of risk management.
On the same day, the Seoul Metropolitan Police Agency’s Public Crimes Investigation Unit conducted a search and seizure at Bithumb’s headquarters in connection with allegations of employment solicitation involving the son of an independent lawmaker. The investigation has further weighed on confidence in the exchange’s operations.
Bithumb has also faced scrutiny over operational reliability following a recent incident involving a large-scale erroneous cryptocurrency distribution. Earlier this month, during a promotional event, the exchange intended to distribute Bitcoin worth approximately KRW 2,000 per user, but mistakenly credited 2,000 Bitcoins per person, resulting in an erroneous distribution totaling about 620,000 Bitcoins.
Industry observers say the convergence of regulatory, legal, and operational risks likely prompted KB Kookmin Bank to opt for a shorter contract extension rather than a standard one-year renewal.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
