Cryptocurrency Exchange OKCoin To Launch In South Korea

Announcements, News | January 22, 2018 By:

Cryptocurrency exchange OKCoin is reportedly set to launch a crypto trading service in South Korea next month.

Local media publications in South Korea reported that OKCoin will be launching a joint operation in partnership with NHN Entertainment, one of the biggest multi-billion dollar game developers in the country. NHN Entertainment is expected to provide OKCoin with the necessary capital and resources to compete against the already established and local exchanges like Coinone, Bithumbm, Korbit, and UpBit.

Established in China in 2013, OKCoin was once China’s largest cryptocurrency exchange. The company ceased its operations on October 31, 2017 because of a Chinese government ban on crypto-to-fiat trading. OKCoin relocated its operations outside of China by launching a P2P trading platform via international affiliate companies.

According to the report, the company has already put in place the OKCoin Korea website and is currently accepting pre-orders for several cryptocurrencies even before the official launch. It will begin by offering 10 cryptocurrencies, including bitcoin, Bitcoin Cash and ethereum, and plans to expand the number of coin types to 60.

“We are planning to start official services in February,” Cho Jung-hwan, CEO of OKCoin Korea. “OKCoin has global businesses and we have been preparing the Korean launch for a long time, so there won’t be any problems.”

The South Korean government recently introduced new measures to crack down on cryptocurrency trading. Under the new measures, it will prohibit local cryptocurrency exchanges from allowing users to make transactions through anonymous accounts.

Cho said that OKCoin Korea is compliant with all the Korean law requirements, including the know your customer (KYC) and anti-money laundering (AML) systems, as well as enabling real-name transactions.

Apart from OKCoin, 11 more cryptocurrency exchanges, including Chinese exchange Huobi, are expected to launch in the region over the next few months. Last month, Huobi partnered with Japan’s SBI Holdings to further expand into Japanese and South Korean markets.