Starting from March 24, Bithumb’s transition to KB Kookmin Bank as its partner bank is signaling potential changes in the virtual asset trading market. Consequently, customers who previously relied on NH Nonghyup Bank will now need to use KB Kookmin Bank for KRW deposits and withdrawals.
In the financial sector, Woori Bank and Hana Bank are expected to fiercely compete for the chance to partner with Upbit. This comes as Upbit’s current agreement with K Bank is set to expire in October, and these two are the only major banks among the country’s top four that do not currently have partnerships with virtual asset exchanges.
Back in 2017, financial authorities introduced a shadow regulation—referred to as the “One Exchange-One Bank” rule—requiring exchanges to manage real-name accounts through only one bank to prevent money laundering. However, following the Virtual Asset Committee’s recent announcement of a phased approval of corporate accounts, another form of shadow regulation, voices are growing for a reassessment of the “One Exchange-One Bank” rule.
Financial experts emphasize that South Korea’s virtual asset market can only thrive under more flexible regulatory environments, such as allowing “One Exchange-Multiple Banks” or “Multiple Exchanges-Multiple Banks.” This approach would align with practices in the domestic capital market and overseas virtual asset exchanges, boosting service quality and market competitiveness.
In particular, corporate account approval is expected to lead to significant market shifts, prompting discussions on expanding the number of KRW-market exchanges. If smaller exchanges gain banking partnerships and support KRW transactions, the market’s monopolistic tendencies could diminish, fostering fair competition.
A crypto specialist stated, “Activating a competitive system—like ‘One Exchange-Two Banks’ or ‘One Bank-Multiple Exchanges’—will improve service quality, allowing small and mid-sized exchanges to grow alongside larger players through KRW transactions.”
As the virtual asset market undergoes a transformation with corporate account approvals and steadily integrates into the traditional financial system, the time has come to open serious discussions on revising the “One Exchange-One Bank” rule.
