Sun, September 08, 2024 at 00:06

• 

  Joy

  • Hey Annie!

  • Have you heard about the big shake-up in the Korean cryptocurrency exchange market?😲

  • 
• Annie

  • No, I haven't!

  • What's going on?🤔

  
• 

  Joy

  • Well, both Upbit and Bithumb, the top two crypto exchanges in Korea, are renewing their business licenses this month.

  • This could really change things up!🚀

• Annie

  • Oh wow, that sounds serious.

  • Why are they renewing their licenses now?📜

  
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• 

  Joy

  • It's because their current licenses, which they got after the Specified Financial Information Act was amended in September 2021, are expiring.

  • They need to renew to keep operating.📅

• Annie

  • I see.

  • So, what's the big deal with these renewals?🤷‍♀️

  
• 

  Joy

  • The big deal is that Upbit and Bithumb control over 90% of the crypto trading in Korea.

  • Whether they get their licenses renewed or not could really shake up the market.🌐

• Annie

  • That's huge!

  • So, what's the status of their renewals?🧐

  
• 

  Joy

  • Upbit has submitted its preliminary data and is expected to get its license renewed without much trouble since they're sticking with their current bank partner, K-Bank.💼

• Annie

  • And what about Bithumb?

  • Are they in the clear too?🏦

  
• 

  Joy

  • Not quite.

  • Bithumb has decided to change its partner bank from NH Bank to KB Kookmin Bank.

  • This move is causing some concern among the financial authorities.😬

  • 
• Annie

  • Why is changing the partner bank such a big deal?🤨

  
• 

  Joy

  • Partner banks are crucial because they handle real-name verification for deposits and withdrawals.

  • This makes them the first point of contact between the exchange and traders.🌉

• Annie

  • Oh, I get it.

  • So, why did Bithumb decide to change its partner bank?🤔

  
• 

  Joy

  • Bithumb lost a lot of younger customers to Upbit because NH Bank had stricter regulations.

  • By switching to KB Kookmin Bank, they hope to win back those customers.🧲

• Annie

  • Interesting.

  • But why are the financial authorities not happy about this change?😕

  
• 

  Joy

  • The authorities think NH Bank's strict regulations are not a valid reason to change partners.

  • They're also inspecting KB Kookmin Bank to see if it's suitable as a crypto exchange partner.🔍

• Annie

  • Wow, that's a lot of scrutiny.

  • So, what happens next?

  • ⏭️

  
• 

  Joy

  • The Financial Supervisory Service will review KB Kookmin Bank's systems and then decide whether to approve Bithumb's request.

  • The final decision will be made by the Financial Intelligence Unit.🏛️

• Annie

  • Got it.

  • So, do you think this is good or bad news for the market?📈📉

  
• 

  Joy

  • I think it's good news!

  • If Bithumb can successfully switch to KB Kookmin Bank, it could bring back a lot of customers and make the market more competitive.

  • More competition usually means better services and options for traders.🎉

• Annie

  • That makes sense.

  • Thanks for breaking it down for me, Joy!😊

  
• 

  Joy

  • Anytime, Annie!

  • Always happy to chat about crypto news with you.💬

  • To sum up, this article is considered a 😍Bullish for investors!!