Singapore-based crypto exchange Crypto.com is set to launch services in South Korea, two years after acquiring local crypto exchange OK-BIT.
Crypto.com announced in a blog post on Apr. 2 that it’s planning to launch the Crypto.com App in South Korea for retail users only on Apr. 29 in a bid to expand its user base within the Asian market. Besides crypto, users could also get access to non-fungible tokens (NFTs).
The Singapore-headquartered company is planning to start offering services in the Korean market via OK-BIT platform, a crypto trading platform, which Crypto.com acquired in 2022. Users of the OK-BIT platform were notified of the cessation of services effective Apr. 29, following a 30-day notice period, the announcement says.
“South Korean regulators are thoughtfully advancing the sector and we look forward to continuing to collaborate with them to help grow the industry responsibly.”
Eric Anziani, president and chief operating officer of Crypto.com
Crypto.com’s entry into South Korea comes amid heightened competition among local cryptocurrency trading platforms. For example, Korean exchange Bithumb removed trading fees in Q4 of 2023 to boost trading volumes following the crypto winter of 2023, leading to a surge of its market share from 12% in October 2023 to 40% by February this year.
For Crypto.com, South Korea represents another strategic location in its global expansion plans. The company has been actively expanding its services worldwide, having obtained 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.