Financial news

Crypto.com, the cryptocurrency exchange platform used by over 80 million customers worldwide, is launching its app in South Korea, enabling Korean retail users to trade select cryptocurrencies.

Crypto.com retail customers based in South Korea will be able to open an account for cryptocurrency trading on the platform’s app, and access over 150 cryptocurrencies.

All users will also gain access to exclusive NFT projects via Crypto.com NFT, educational and resource materials via Crypto.com University, as well as industry-leading user benefits and rewards offerings.

Eric Anziani, president and chief operating officer of Crypto.com, commented: “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. South Korean regulators are thoughtfully advancing the sector and we look forward to continuing to collaborate with them to help grow the industry responsibly.”

As part of the app launch and in line with regulations, Crypto.com gave a 30-day notice to users of its acquired OK-BIT platform that it was ceasing services as of 29 April – when the Crypto.com app will go live.

Working alongside regulators

Patrick Yoon, general manager of Crypto.com South Korea, also said: “South Korean crypto enthusiasts are highly engaged with the market and eager for more comprehensive and regulated Web3 products and services. We spent significant time and resources tailoring our offering for this market and are honoured to be the first and largest global cryptocurrency exchange to launch in South Korea.”

The launch comes after Crypto.com secured its Electronic Financial Transaction Act (EFTA) and Virtual Asset Service Provider (VASP) registrations in August 2022. The crypto trading platform has also been busy establishing partnerships with leading South Korean financial, entertainment and technology brands, such as ACT Games, A Story, LINE Xenesis, Studio Dragon and Altava Group.

Crypto.com explained that it will continue to consult with the South Korean regulatory authorities to ensure compliance with local laws and regulations with the highest standards of ethics, compliance and risk management.