Crypto.com, a centralized cryptocurrency exchange, has announced that it will be launching its cryptocurrency trading app for South Korean retail investors on April 29. This move is seen as a significant step for the company’s growth in the South Korean market. Eric Anziani, the president and CEO of Crypto.com, stated in an announcement on April 2 that the platform will initially offer access to over 150 cryptocurrencies and nonfungible tokens (NFTs) on the app.
The launch of this app will mark the transition from the OK-Bit crypto exchange, which was acquired by Crypto.com in 2022. OK-Bit will cease its services on April 29, coinciding with the launch of the new app. It is important to note that the app will only cater to retail investors in South Korea, as institutional investors have been prohibited from investing in cryptocurrencies since 2017. Additionally, due to the country’s financial regulators not recognizing crypto as financial assets, institutions are also banned from investing in crypto-related exchange-traded funds.
This expansion into South Korea is part of Crypto.com’s global growth strategy. The exchange already has a strong presence in “tier one” jurisdictions such as North America, Western Europe, the United Kingdom, and Asia. The company has been actively working on strengthening its presence in South Korea since 2022, when it obtained an Electronic Financial Transaction Act and virtual asset services provider registration in the country.
Despite the tightening regulations for crypto exchanges and company executives in South Korea, Crypto.com remains committed to its expansion plans. The country’s Financial Intelligence Unit (FIU) recently announced stricter regulatory measures for crypto exchanges, including the possibility of expelling platforms that are considered “unsuitable.” The FIU also aims to enhance screening procedures in the crypto market to prevent unfit exchanges from entering the economy. In addition, the Financial Services Commission (FSC) proposed a new amendment in February that would require regulatory approval for new crypto firm executives before they can assume their roles.
Despite these challenges, Crypto.com is determined to continue its growth trajectory.