Crypto.com Delays Korea Debut After Regulator Visit

Cryptocurrency exchange Crypto.com has decided to delay its launch in South Korea to engage further with local regulators, without specifying a new launch date.

“We’re postponing our launch to ensure Korean regulators fully understand our policies and procedures,” stated a Crypto.com spokesperson. “While Korea poses challenges for international exchanges, we’re committed to collaborating with regulators to promote responsible industry growth for Koreans.”

This decision comes after reports that South Korea’s Financial Intelligence Unit had visited Crypto.com’s local office regarding concerns about the company’s anti-money laundering documentation.

Initially, Crypto.com had planned to launch its local trading platform in South Korea on April 29, aiming to replace the closing OkBit exchange, which it had acquired.

“Since acquiring OkBit, we haven’t added new customers in Korea,” the spokesperson clarified, noting that current access is limited to withdrawals. “At the time of acquisition, OkBit had around 900 customers and had no AML violations.”

Crypto.com has not confirmed the reported visit by the FIU and did not provide an updated launch date.

South Korea’s stringent crypto regulations restrict overseas exchanges from serving local investors, prompting companies like Binance and Crypto.com to enter the market through domestic acquisitions.

Image Credit: Shutterstock

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Crypto.com Delays Korea Debut After Regulator Visit

was first posted on April 23, 2024 at 3:29 pm.
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