According to Techinasia, TechFlow Korean banks are reassessing their partnerships with virtual asset exchanges following Bithumb's accidental distribution of 620,000 bitcoins.
Banks like KakaoBank and Kbank, which have agreements with exchanges such as Coinone and Upbit, are evaluating whether to renew their contracts, primarily due to concerns about reputational risk. While the likelihood of regulatory sanctions for exchange mishaps is low, banks are cautious about potential reputational damage. KakaoBank plans to renew its annual partnership with Coinone in the third quarter, while Kbank is closely monitoring the situation ahead of its contract expiring in October. National Bank will review its contract with Bithumb and has requested enhanced internal controls.
