TechFlow News: On February 13, according to Techinasia, South Korean banking institutions are reassessing their cooperative relationships with virtual asset exchanges following Bithumb’s prior incident involving the erroneous issuance of 620,000 bitcoins.
Banks such as KakaoBank and Kbank—both of which have cooperation agreements with exchanges including Coinone and Upbit—are evaluating whether to renew their contracts, primarily due to concerns over reputational risk. Although regulatory authorities are unlikely to impose sanctions on exchanges for such incidents, banks remain cautious about potential reputational damage. KakaoBank plans to renew its annual cooperation agreement with Coinone in the third quarter, while Kbank will closely monitor developments ahead of its contract’s expiration in October. KB Kookmin Bank will review its agreement with Bithumb and require strengthened internal controls.
