With the introduction of its app in South Korea, Crypto.com—the cryptocurrency exchange platform utilized by over 80 million users globally—will allow Korean retail users to trade a limited selection of cryptocurrencies.
With the introduction of its app in South Korea, Crypto.com—the cryptocurrency exchange platform utilized by over 80 million users globally—will allow Korean retail users to trade a limited selection of cryptocurrencies.
Retail consumers of Crypto.com located in South Korea will be able to access over 150 cryptocurrencies and open an account for cryptocurrency trading via the platform's app.
Additionally, all users will have access to industry-leading user incentives and rewards programs, exclusive NFT projects through Crypto.com NFT, and instructional and resource materials through Crypto.com University.
"We are extremely 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. We are eager to work with South Korean regulators to support the industry's responsible growth as they are pursuing it intelligently.
Crypto.com notified customers of its acquired OK-BIT platform that it was discontinuing services as of April 29, the day the Crypto.com app will be live, as part of the app launch and in compliance with legislation.
collaborating with regulators
"South Korean crypto enthusiasts are highly engaged with the market and eager for more comprehensive and regulated Web3 products and services," stated Patrick Yoon, general manager of Crypto.com South Korea. We are honored to be the first and biggest cryptocurrency exchange in the world to open in South Korea after investing a great deal of time and money into customizing our product for this market.
Following the acquisition of its Virtual Asset Service Provider (VASP) and Electronic Financial Transaction Act (EFTA) registrations in August 2022, Crypto.com launched. Leading South Korean financial, entertainment, and technological firms, including ACT Games, A Story, LINE Xenesis, Studio Dragon, and Altava Group, have started forming ties with the cryptocurrency trading platform.
According to Crypto.com, in order to guarantee adherence to regional laws and regulations while upholding the highest levels of ethics, compliance, and risk management, it will keep in consultation with the regulatory bodies in South Korea.
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