KB Kookmin Bank agrees to one-year extension of Bithumb partnership

  • KB Kookmin Bank agreed to renew Bithumb’s real-name account partnership for one year.
  • Demand deposits reached 176.8 trillion won at the end of the first half.
  • FIU approval would keep the partnership in place through September 2027.

KB Kookmin Bank and cryptocurrency exchange Bithumb have agreed to extend their real-name deposit and withdrawal account partnership for one year, and KB Kookmin has filed for approval with South Korea's Financial Intelligence Unit. If approved, the arrangement will continue through the end of September 2027. The decision restores a one-year term after the contract was shortened to six months following a Bitcoin overpayment incident and amid allegations involving improper hiring requests. KB Kookmin conducted on-site due diligence and reviewed Bithumb's internal controls and anti-money laundering systems before agreeing to the renewal. The partnership has been linked to deposit growth: demand deposits rose by 25.3 trillion won to 176.8 trillion won at the end of the first half, while Star Banking monthly active users increased to 14.06 million from 13.03 million. Other South Korean banks and exchanges are also maintaining or discussing similar arrangements.

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