Crypto.com launches platform in Korea after acquiring domestic exchange
Global digital asset exchange Crypto.com announced Tuesday that it will launch retail trading services in Korea on April 29.
Crypto.com’s Korean trading platform will fill the shoes of OK-BIT, a locally licensed cryptocurrency exchange that said it was discontinuing its services. Crypto.com acquired OK-BIT in 2022.
“We are excited to launch the Crypto.com app for retail users in Korea. “Korea is a very important market for our business growth and one where consumers are very interested in cryptocurrency,” said Eric Anziani, President. Chief Operating Officer of Crypto.com presentation.
Crypto.com’s Korean platform follows strict regulations set by local authorities for cryptocurrency exchanges. A local service called the Crypto.com App allows Korean investors to trade cryptocurrencies and non-fungible tokens, but does not offer the service to institutional clients as Korea-based institutions are prohibited from investing directly in cryptocurrencies. not.
Additionally, South Korea mandates domestic cryptocurrency exchanges to obtain banking partnerships to provide fiat-to-crypto trading services to minimize the risk of money laundering and market manipulation. Exchanges that failed to secure banking partnerships, including OK-BIT, offered limited services in cryptocurrency-to-crypto trading.
According to the Korean news agency, Crypto.com said its service will launch as a cryptocurrency-to-cryptocurrency exchange, but will continue to work to secure local banking partnerships to provide a complete trading experience. News 1.
Binance stalemate in Korea
Meanwhile, Binance also entered the Korean market by acquiring a majority stake in Gopax, a domestic exchange that had liquidity problems related to Genesis Global Capital last year. Gopax is one of the five fully licensed exchanges in Korea. In other words, it provides fiat-cryptocurrency services.
However, Korean authorities repeatedly postponed Gopax’s restructuring approved, reportedly raising concerns about Binance’s legal problems in the US
Binance has been trying to resolve local compliance issues by reducing its stake in Gopax and stepping down as the largest shareholder. Binance CEO Richard Teng visited South Korea last week and met with financial regulators and local media. reported.
South Korea has one of the largest and most active cryptocurrency markets in the world. According to CoinGecko, the five fully licensed exchanges – Upbit, Bithumb, Coinone, Korbit and Gopax – processed approximately $3 billion worth of cryptocurrency transactions in the last 24 hours. data. When the Bitcoin price rise peaked earlier this year, Korea’s cryptocurrency trading volume briefly surpassed It’s the stock market thing.
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