KB Kookmin Bank, Bithumb Seek 1-Year Renewal, Apply for FIU Approval
Summary
- KB Kookmin Bank said it extended its real-name deposit and withdrawal account partnership with cryptocurrency exchange Bithumb by one year and applied for FIU approval.
- KB Kookmin Bank said it had seen a deposit growth effect from its Bithumb partnership, with both its demand deposit balance and Star Banking MAU increasing.
- KB Kookmin Bank's renewed contract with Bithumb suggests banks and cryptocurrency exchanges are likely to keep their existing partnership structures in place this year.
Forecast Trend Report by Period
Partnership through end-September next year
Expecting deposit growth
KB Kookmin Bank will extend its real-name deposit and withdrawal account partnership with cryptocurrency exchange Bithumb for another year.
According to the financial industry on Sept. 7, KB Kookmin and Bithumb recently agreed to renew the partnership for one year and applied to the Financial Intelligence Unit for approval. If approved, the partnership will continue through the end of September 2027.
A mistaken Bitcoin payout incident at Bithumb earlier this year is not believed to have materially affected the relationship. After the incident, the two sides changed the contract term from one year to six months, fueling doubts at the time about whether another renewal would follow.
KB Kookmin is understood to have decided to continue the partnership after determining that it had contributed to deposit growth. The bank's demand deposit balance stood at 176.8 trillion won ($128.1 billion) at the end of the first half, up 25.3 trillion won ($18.3 billion) from 151.5 trillion won ($109.8 billion) at the end of 2024. Monthly active users of the bank's Star Banking app also increased to 14.06 million from 13.03 million over the same period.
Funds from cryptocurrency investors flowing through accounts linked to Bithumb since early last year are seen as one factor behind that increase. Bithumb switched its real-name account provider from NH NongHyup Bank to KB Kookmin Bank on March 24, 2025. It began pre-registering accounts two months earlier, drawing in new customers from January 2025.
KB Kookmin's decision to extend its contract with Bithumb suggests partnerships between banks and cryptocurrency exchanges in South Korea will largely remain intact this year. KakaoBank renewed its partnership with Coinone for another year last month. K Bank is also in talks on a renewal to continue its partnership with Upbit, South Korea's largest cryptocurrency exchange. The two have been partners since 2020 and are now in their sixth year together.
Kim Jin-seong, Hankyung.com reporter, jskim1028@hankyung.com
Korea Economic Daily
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