One of South Korea’s largest cryptocurrency exchanges by trading volume, Bithumb, has announced it will soon resume registrations for new users over the coming days.

The move is the result of Bithumb re-entering an agreement with one of the country’s most prominent financial institutions, Nonghyup Bank, to provide virtual bank accounts for Bithumb users.

South Korean regulators require cryptocurrency exchanges to include virtual bank accounts so investors can deposit and withdraw in their local fiat currency, the Korean won. This requirement is also necessary for exchanges to comply with anti-money laundering laws in South Korea.

Nonghyup Bank had previously suspended its virtual bank account services with Bithumb at the close of July. As a result, Bithumb was forced to disable deposits and withdrawals, as well as new user registrations until a "service improvement process” was completed. Reports suggest that the suspension was a direct result of a hack in June that saw $17 million in cryptocurrency stolen from investors.

A representative for Nonghyup Bank told Business Korea at the time that the bank has “decided not to renew the contract because Bithumb still has problems in protecting consumers and information and preventing money laundering.”

Bithumb has witnessed its profits in Q3 2018 decline due to lower than average trading volume.

Last month, the Korea Blockchain Association green lit twelve cryptocurrency exchanges, including Bithumb, during its inaugural self-regulatory review. Other exchanges include Upbit, Korbit, Coinone, Dexko, Neoframe, Gopax, OKCoin Korea, Coinzest, Coinplug, Hanbitco and Huobi Korea. The recent approval from the Korea Blockchain Association may have been enough proof that Bithumb has tightened up its security and safety standards to the satisfaction of Nonghyup Bank.

Bithumb re-opening user registrations is widely viewed by the cryptocurrency community as a positive development, as new capital can begin to flow into the South Korean cryptocurrency market once again.