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Crypto.com, a Singapore-based cryptocurrency exchange, is gearing up to launch its services in South Korea, following its acquisition of local exchange OK-BIT two years ago. The company announced its plans to introduce the Crypto.com App in South Korea for retail users on April 29, aiming to grow its user base in the Asian market. In addition to cryptocurrencies, users will also have access to non-fungible tokens (NFTs).
The expansion into the Korean market will be facilitated through the OK-BIT platform, which Crypto.com took over in 2022. Users of the OK-BIT platform have been informed about the discontinuation of services effective April 29, after a 30-day notice period.
Eric Anziani, president and chief operating officer of Crypto.com, expressed optimism about the regulatory environment in South Korea and looks forward to collaborating with local authorities to foster responsible industry growth.
This move comes at a time of increased competition among cryptocurrency exchanges in South Korea. For instance, Bithumb, a Korean exchange, eliminated trading fees in the fourth quarter of 2023 to boost trading volumes post the crypto winter of 2023, resulting in a significant increase in market share from 12% in October 2023 to 40% by February this year.
For Crypto.com, entering the South Korean market is part of its global expansion strategy. The company has been actively expanding its services worldwide, including obtaining a license for certain crypto activities in Dubai in November 2023 and securing an e-money license from the U.K. regulator in December of the same year.
