Crypto.com management planned to launch the service on April 29. It would be an alternative to the local licensed exchange OK-BIT, which Crypto.com acquired in 2022. However, the launch of a new trading platform in South Korea had to be postponed to an indefinite future until problems with the South Korean authorities are resolved.
“We need to make sure that regulatory agencies understand our policies and procedures. The Republic of Korea is a difficult market for international exchanges, but we are ready to cooperate with government agencies,” said the management of Crypto.com.
Recently, South Korea's Financial Intelligence Unit (FIU) conducted an “urgent inspection” of the local office of Crypto.com, suspecting the exchange of involvement in money laundering. Crypto.com has not yet set a new launch date for the service, but OK-BIT has already stopped serving users on April 19. At the time of the acquisition of OK-BIT, the site had 900 clients, and since then services have been limited to withdrawals only.
In March, the Dutch Central Bank (DNB) fined Crypto.com $3.1 million, explaining that the exchange violated anti-money laundering laws.
Source: Bits
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