Crypto.com launches its app in South Korea, marking its entry with tailored cryptocurrency trading services and aiming to meet regulatory standards for broader offerings.
Crypto.com, a leading cryptocurrency trading platform, is making strides into the South Korean market by introducing its app. An executive from the company expressed pride in being the pioneering global cryptocurrency exchange to establish a presence in South Korea, highlighting the considerable effort and resources invested in customizing their services for the local market.
Launching the Crypto.com Trading App in South Korea
The initial phase of Crypto.com’s expansion into South Korea features the introduction of its trading app, facilitating the trading of various cryptocurrencies for South Korean users. This move comes on the heels of Crypto.com’s acquisition of Ok-bit, a crypto exchange with a local license, in August 2022.
South Korean retail customers will now have the ability to create accounts through the Crypto.com app to trade over 150 cryptocurrencies. Additionally, they will gain access to unique non-fungible token (NFT) projects, educational content, and reward programs.
Eric Anziani, the COO and President of Crypto.com, announced at a Seoul press conference the launch of their flagship app in South Korea, emphasizing the app’s global popularity and the efforts to adapt it to meet local preferences and requirements over the past year.
Patrick Yoon, the General Manager of Crypto.com in South Korea, remarked on the dedication to customizing their offerings for the South Korean market, emphasizing their status as the first major global cryptocurrency exchange to launch there.
Adjustments and Regulatory Compliance for South Korean Launch
Ahead of its app launch, Crypto.com announced a 30-day wind-down period to Ok-bit users, leading to Ok-bit’s cessation of operations on April 29, coinciding with the debut of the Crypto.com app in South Korea.
Initially, Crypto.com will limit its offerings to coin-to-coin trading, with plans to expand services to include trading in Korean won, contingent on securing a license and partnering with a local bank for real-name accounts, meeting a crucial regulatory criterion in South Korea.
Yoon acknowledged the challenges in obtaining approval for real-name account trading in Korean won, especially for a global exchange entering the South Korean market for the first time, but expressed commitment to pursuing this goal.
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