Crypto.com, a Singapore-based cryptocurrency exchange, is preparing to launch its services in South Korea, marking its entry into the Korean market two years after acquiring the local exchange OK-BIT.
In a recent blog post on April 2, Crypto.com announced its plans to introduce the Crypto.com App to retail users in South Korea on April 29. This move is part of the company’s efforts to expand its user base in the Asian market, offering not only cryptocurrency trading but also access to non-fungible tokens (NFTs).
The company, headquartered in Singapore, will be rolling out its services in South Korea through the OK-BIT platform, a crypto trading platform that Crypto.com took over in 2022. Users of the OK-BIT platform have been informed of the discontinuation of services starting on April 29, following a 30-day notice period, as stated in the announcement.
Crypto.com’s expansion into South Korea comes at a time of increased competition among local cryptocurrency exchanges. For instance, the Korean exchange Bithumb eliminated trading fees in the fourth quarter of 2023 to stimulate trading volumes after the crypto downturn of 2023. This move led to a significant increase in its market share, rising from 12% in October 2023 to 40% by February of the following year.
South Korea is a strategic location for Crypto.com as part of its global expansion strategy. The company has been actively broadening its services worldwide, having acquired a license for certain crypto activities in Dubai in November 2023 and obtaining an e-money license from the U.K. regulator in December of the same year.
For more news and updates, you can follow Crypto.com as it navigates challenges such as the recent $3 million fine imposed by the Dutch central bank and its plans to appeal the decision.