The new platform takes the place of Crypto.com-owned South Korean crypto exchange OK-BIT, which is closing down this month.
Global digital asset exchange Crypto.com is launching its retail trading services in South Korea on April 29, according to its announcement on Tuesday.
“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,” said Eric Anziani, president and chief operating officer of Crypto.com, in the announcement.
Furthermore, South Korea mandates local crypto exchanges to acquire a bank partnership in order for them to offer fiat-to-crypto trading services, in a bid to minimize risks of money laundering and market manipulation. Exchanges that have not secured a bank partnership, including OK-BIT, offered limited services in crypto-to-crypto trading.
South Korean authorities, however, have repeatedly postponed approving the structural change to Gopax, reportedly under concerns with Binance’s legal issues in the U.S.
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