Singapore-based crypto exchange Crypto.com is set to launch services in South Korea, two years after acquiring local crypto exchange OK-BIT

Crypto.com announced in a blog post on April 2nd that they plan to launch the Crypto.com App in South Korea for retail users only on April 29th, aiming to expand their user base within the Asian market. In addition to crypto, users will also have access to non-fungible tokens (NFTs).

The Singapore-based company is planning to offer services in the Korean market through the OK-BIT platform, a crypto trading platform, which Crypto.com acquired in 2022. Users of the OK-BIT platform were informed of the cessation of services effective April 29th, following a 30-day notice period, as stated in the announcement.

Crypto.com's entry into South Korea comes amid increased competition among local cryptocurrency trading platforms. For instance, Korean exchange Bithumb removed trading fees in Q4 of 2023 to boost trading volumes after the crypto winter of 2023, resulting in a surge of its market share from 12% in October 2023 to 40% by February this year.

For Crypto.com, South Korea represents another strategic location in their global expansion plans. The company has been actively expanding its services worldwide, having obtained a license for certain crypto activities in Dubai in November 2023 and securing an e-money license from the UK regulator in December of the same year.