BTCC to enter the South Korea market

Victoria SavchukOctober 18, 201818

The first Chinese Bitcoin exchange BTCC, previously known as BTC China, is planning to start its trading services in South Korea, according to a Korean business investor.

Hong Kong based platform BTCC is going to launch its beta trading services in South Korea at the end of this month and make its debut in November.

According to the BTCC website, the Korean platform headed by Lee Jae-beom will include a trading platform, a wallet service, mining and payment services:

“BTCC creates a payment system on/offline using cryptocurrency… [and] expands its services for real-time usage.”

BTC China was founded in 2011. It had been one of the three leading cryptoexchanges in China before regulators and central banks increased their pressure during an imminent exchange crackdown which prompted it to announce its closure in September 2017. It happened the same month the Chinese regulators banned ICO.

In January an investment fund founded in Hong Kong bought the company. The rebranded BTCC continued to develop its international pool and software for Mobi wallet before restarting its trading platform in July.

Cryptocurrency exchanges in South Korea were also thoroughly analyzed by domestic regulators, especially intensified in the wake of hacks and fraud allegations.

However, this year draft bill is going to be aimed at reclassifying exchanges as “crypto asset exchange and brockerage”, thus “recognizing them as regulated financial institutions” in contrast to their previous classification as “communication vendors”.

The decision is expected to be announced next month, after its discussion by officials which will probably repeal the ban on ICO since September 2017.

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Victoria Savchuk