Crypto.com set to introduce retail trading services in the South Korean market.
Singapore-based cryptocurrency exchange Crypto.com is preparing to launch its services in South Korea after acquiring local exchange OK-BIT two years ago. In a blog post on April 2, Crypto.com announced that it will introduce the Crypto.com App to retail users in South Korea on April 29, aiming to expand its user base in the Asian market. Alongside cryptocurrencies, users will also have access to non-fungible tokens (NFTs).
To enter the Korean market, Crypto.com will utilize the OK-BIT platform, a crypto trading platform it acquired in 2022. Users of the OK-BIT platform have been informed that services will cease on April 29, following a 30-day notice period.
Crypto.com’s entry into South Korea comes at a time of intense competition among local cryptocurrency trading platforms. For instance, Korean exchange Bithumb eliminated trading fees in the fourth quarter of 2023 to boost trading volumes after the crypto winter of 2023, resulting in a significant increase in its market share from 12% in October 2023 to 40% by February of this year.
The expansion into South Korea represents another strategic move in Crypto.com’s global expansion plans. The company has been actively expanding its services worldwide, 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.
