5 months ago
6 ARTICLE AD
The exchange says it hasn't onboarded any new customers in South Korea since it acquired OkBit.
Cryptocurrency exchange Crypto.com has postponed its planned retail expansion in South Korea, originally scheduled for April 29, in order to engage in further communication with local regulators. The decision comes just six days before the intended launch date.
“Korea is a difficult market for international exchanges to enter, but we are committed to working with regulators to advance the industry responsibly for Koreans. We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls,” the exchange said.
The Korean news organization Segye Ilbo reported that South Korea’s Financial Intelligence Unit visited Crypto.com’s local office on Tuesday after finding “concerning matters” in submitted documents related to anti-money laundering.
Earlier this month, Crypto.com announced plans to launch some of its services in Korea on April 29 with its locally acquired platform OkBIT, which was set to cease its services at the end of the month. The company has not disclosed a new launch date.
“Crypto.com has not onboarded any new customers in Korea since acquiring OkBit,” a Crypto.com spokesperson said. According to this correspondent, OkBit had roughly 900 users at the time of acquisition. The spokesperson also clarified that their access was limited to withdrawals.
South Korea is known for its high demand for cryptoassets, with the topic even becoming an agenda item in recent parliamentary elections. The country’s preferences are skewed toward smaller, often more volatile tokens, known as altcoins, which make up more than 80% of all trading activity in South Korea on average.
According to data from research firm Kaiko, the won was the most traded currency against cryptoassets globally in the first quarter of this year, with a cumulative trade volume of $456 billion on centralized crypto exchanges, compared to $445 billion in dollar volume.
In response to the $40 billion collapse of TerraUSD, the ill-fated stablecoin created by Do Kwon, South Korean regulators have announced plans to introduce tighter user protection rules starting in July.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
