Hassan Maishera
TL;DR
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Crypto.com is set to launch its crypto services in South Korea.
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This comes after the company acquired local exchange OK-BIT in 2022.
Crypto.com to Roll Out its Services in South Korea
Cryptocurrency exchange Crypto.com is launching its trading services in South Korea on April 29. This is according to the company’s announcement on Tuesday.
In its blog post, Crypto.com said its South Korean platform will provide trading services in place of locally licensed crypto exchange OK-BIT. This latest development comes after Crypto.com acquired OK-BIT in 2022.
Eric Anziani, president and chief operating officer of Crypto.com commented that,
“We are incredibly excited to be launching the Crypto.com App for retail users in South Korea — a market of tremendous importance to the growth of our business, and one in which consumers are very interested in crypto.”
Similar to other local players, Crypto.com's Korean platform is subject to the strict regulations put in place by regulatory agencies. The local platform, called Crypto.com App, will allow South Korean investors to trade cryptocurrency and non-fungible tokens (NFTs). However, the platform will not serve institutional clients as South Korea-based institutions are prohibited from directly investing in crypto.
Patrick Yoon, General Manager of Crypto.com South Korea also commented that,
“South Korean crypto enthusiasts are highly engaged with the market and eager for more comprehensive and regulated Web3 products and services. We spent significant time and resources tailoring our offering for this market and are honoured to be the first and largest global cryptocurrency exchange to launch in South Korea.”
South Korean regulators require local crypto exchanges to partner with banks to enable them to offer fiat-to-crypto trading services. This helps minimze the risks of money laundering and market manipulation. Exchanges that failed to secure a bank partnership will be limited to offering crypto-to-crypto trading services.
Crypto.com revealed that it would initially start as a crypto-to-crypto exchange in South Korea but is making efforts to secure the local bank partnership to enable it to provide the full trading experience to its users.
