Crypto.com defies rising regulatory scrutiny, expands operations in South Korea

Crypto.com, a centralized cryptocurrency exchange, has announced the launch of its cryptocurrency trading app for South Korean retail investors on April 29. According to Eric Anziani, the president and CEO of Crypto.com, the app will provide access to over 150 cryptocurrencies and nonfungible tokens (NFTs), targeting the significant market segment of South Korean users. This launch follows the acquisition of crypto exchange OK-Bit by Crypto.com in 2022, with OK-Bit set to cease services on the same day as the app’s launch. The new app will exclusively cater to retail investors in South Korea, as institutions in the country have been banned from investing in crypto since 2017. The launch in South Korea is part of Crypto.com’s global expansion efforts, as the exchange already has a strong presence in key jurisdictions such as North America, Western Europe, the United Kingdom, and Asia. Despite tightening regulations for crypto exchanges and company executives in South Korea, Crypto.com remains committed to its expansion plans. The Financial Intelligence Unit (FIU) in South Korea has announced stricter regulatory measures for crypto exchanges, including the possibility of expelling unsuitable platforms. The FIU also aims to enhance screening procedures in the crypto market to prevent unfit exchanges from operating. Additionally, the Financial Services Commission (FSC) in South Korea has proposed a new amendment that would require regulatory approval for new crypto firm executives before they can assume their roles. This amendment, if accepted, would prevent new executives from working until formal approval is granted by the FSC.