Crypto.com's South Korean Launch Delayed Amid Regulatory Scrutiny

Postponed Expansion

Crypto.com, the digital currency exchange platform, announced a delay in its scheduled South Korean debut amid rising regulatory scrutiny. The postponement follows reports from a local publication, Segye Ilbo, suggesting imminent 'urgent on-site inspection' by South Korea's financial authorities due to anti-money laundering concerns.

Rigorous Compliance Efforts

In response to the increased oversight, Crypto.com emphasized its adherence to stringent Anti-Money Laundering standards. The firm expressed its intent to use the delay to ensure that South Korean regulators are well-informed of its comprehensive policies, which have been globally recognized and affirmed.

Commitment to Korean Market

Despite the halt, Crypto.com reassured its commitment to the South Korean market, mentioning its previous regulatory approvals. While denying any current roadblocks and emphasizing its responsible industry advancement efforts, the exchange also noted the limited onboarding of Korean customers since the acquisition of local exchange OkBit, with existing clientele restricted to withdrawal operations.