Banks’ crypto exchange partnerships lead to spike in fraudulent accounts

Banks’ crypto exchange partnerships lead to spike in fraudulent accounts

최초입력 2025.07.23 11:18:21

KB Kookmin Bank Yeouido branch.

South Korea’s major commercial banks are facing mounting criticism over a sharp rise in fraudulent accounts after partnerships with cryptocurrency exchanges to facilitate virtual asset transactions.
An analysis by the Maeil Business Newspaper, based on data from the Financial Supervisory Service (FSS) as of Tuesday, showed a significant increase in fraud-related accounts at KB Kookmin Bank following its partnership with crypto exchange Bithumb in late March 2025.
The bank reported 100 fraud-linked accounts in February, with the number jumping to 148 in March and hitting 208 on July 18th.
Conversely, NH Nonghyup Bank Co., which previously partnered with Bithumb before transferring the deal to KB Kookmin Bank, saw a decline in fraud cases after ending the partnership. Fraud-related accounts peaked at 219 in April but dropped to 89 in May and 68 in June, the lowest among Korea’s top five banks.
The partnerships are attractive for commercial banks, offering a steady inflow of low-cost deposits and helping expand their customer base. This has led commercial lenders to lobby for easing regulations that currently restrict each crypto exchange to a single banking partner for issuing real-name, won-denominated accounts.
However, the surge in fraud cases has strengthened the financial authorities’ position in maintaining the regulatory framework. According to FSS data obtained by People Power Party lawmaker Lee Yang-soo, the nation’s five largest banks recorded 7,991 cases of fraud involving bank accounts in 2024. The five include KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NH Nonghyup Bank.
“Protecting customers must remain the banks’ core responsibility. Instead of chasing short-term gains through crypto partnerships, banks should focus on building stronger systems and safeguarding users,” Lee said.
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Banks’ crypto exchange partnerships lead to spike in fraudulent accounts

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