According to a report by Bloomberg, Crypto.com has temporarily suspended its entry into the South Korean market because of regulatory challenges.
The company mentioned in a recent email that it’s difficult for foreign exchanges to gain entry into the South Korean market. However, they reaffirmed their dedication to collaborating with local regulatory bodies.
The company recently revealed plans to introduce its app in South Korea, allowing South Korean users to trade over 150 different cryptocurrencies and unique NFT projects.
Crypto.com identified South Korea as a significantly important market due to its status as the 14th largest economy globally.
In August 2022, Crypto.com, a leading cryptocurrency company, revealed that it had bought two South Korean cryptocurrency businesses (OK-BIT and PnLink). These purchases enabled Crypto.com to obtain significant regulatory permits in the region.
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2024-04-23 17:09