One of South Korea’s major cryptocurrency exchanges, Bithumb, is making a move that will allow it to accept new account registrations, industry website Coindesk has reported, citing information from the local press.
According to a Wednesday report from South Korean news agency Yonhap, the crypto exchange is renewing its contract with Nonghyup Bank, in order to implement a new real-name trading account system. The contract will reportedly be signed on August 30.
Bithumb, one of South Korea’s largest crypto exchanges, took a significant hit earlier this year, after it was targeted by hackers, who in June managed to steal some $31 million worth of digital coins. A few weeks after the incident the company said that it was suspending its new account registration service, attributing the decision to a “service improvement process”. It has been speculated that the suspension happened as a result of Nonghyup urging the exchange to make changes after the hack.
The South Korean authorities have been ramping up their efforts to regulate the cryptocurrency sector in order to prevent cryptocurrency related speculation and money laundering. The country’s financial regulator in January put an end to anonymous crypto trading, by ordering exchanges to work with local banks to implement a real-name account system. Some smaller exchanges, were forced to shut down after failing to integrate the system into their platforms.
As noted by Coindesk, Bithumb saw a huge slump in terms of trading volume in the wake of the suspension. The platform’s daily trading volume fell to as low as $71 million by August 23, from around $350 million on July 31. However, the exchange has seen a resurgence recently, which has allowed it to return among the top 10 most popular crypto trading platforms.
According to the latest data from digital currency tracker Coinmarketcap, Bithumb’s 24-hour trading volume currently stands at $365.5 million, which makes it the fifth-largest digital currency exchange by that measure.