Crypto.com Postpones Korean Launch Indefinitely Amid Regulatory Pressure

Crypto.com Postpones Korean Launch Indefinitely Amid Regulatory Pressure

Crypto.com Postpones Korean Launch Indefinitely Crypto.com, a leading cryptocurrency exchange, has indefinitely postponed its launch in South Korea due to pressure from financial authorities. The decision comes just six days before the scheduled launch date. The postponement follows an emergency on-site inspection by financial authorities on Crypto.com's anti-money laundering measures. In a statement, Crypto.com explained that it will take the time to address the concerns raised by the authorities. Regulatory Hurdles for Crypto Exchanges in Korea South Korea has strict regulations for cryptocurrency exchanges, making it a challenging market for foreign companies to enter. Crypto.com previously acquired OKBitt, a South Korean exchange, in an attempt to gain a foothold in the country. However, the acquisition has not been smooth, and Crypto.com has faced ongoing scrutiny from regulators. Crypto.com's Anti-Money Laundering Measures Crypto.com emphasized its commitment to anti-money laundering (AML) compliance, stating that it operates according to the highest industry standards. The exchange also noted that it has not acquired any new customers in Korea since the OKBitt acquisition. Conclusion Crypto.com's postponement highlights the challenges faced by cryptocurrency exchanges in navigating regulatory landscapes. The exchange remains committed to its Korean launch but will take the necessary steps to address the concerns raised by authorities. The launch date remains uncertain, and Crypto.com will provide updates as they become available.