Leading South-Korean crypto exchange Bithumb is opening its account registration feature ending a month-long freeze, according to a local media outlet Yonhap News report from Wednesday, August 29.
A representative from Nonghyup Bank said commenting on the matter, to regain its banking support Bithumb will meet the specific requirement as per South Korean law.
In July, Nonghyup bank suspended its services for Bithumb, many believe it is a precocious step after the exchange lost $17 million in a hack.
Introducing rules to regulate cryptocurrency exchanges last January, South Korea is ensuring verification of trading accounts and banning foreign citizens participation in trading. Under the current law exchanges in this Asian country are making it mandatory for traders to verify their identities through KYC-AML.
Although this feature will be live from the end of August, markets are definitely showing started reacting to the news.
Bithumb, currently the fifth largest crypto exchange by trading volume, has the adjusted volume of $365 million. The volume of the exchange was in constant drop amidst of this banking problem which is showing improvement after the announcement.