Yahoo Finance OKCoin Eyes Cryptocurrency Exchange Launch in South Korea
Cryptocurrency exchange OKCoin is reportedly moving to launch in South Korea – possibly as soon as next month.
According to The Korea Times, the Beijing-based firm is eyeing a partnership with NHN Entertainment, a Korean developer, publisher, and distributor of mobile and PC games, for the venture.
The news source suggests that NHN is considering the partnership and an equity investment, though the move has apparently not been finalized
OKCoin was established in China in 2013, but had to shutter its domestic exchange operations in October 2017, following Chinese regulators' crackdown on cryptocurrency exchanges. Since then, the company has shifted to an over-the-counter model, and turned its attention to international markets.
The exchange has already put in place the OKCoin Korea website and is accepting pre-orders for cryptocurrencies before the official launch. It aims to offer more than 60 digital currencies to be traded against the Korean won, according to the site.
The timing of the launch comes at a time when the nation's government has issued restrictions on cryptocurrency trading activities and is mulling a harsher crackdown on exchange-based trading.
Cho Jung-hwan, CEO of OKCoin Korea, told The Investor that OKCoin is compliant with all the Korean regulatory requirements, and said, "there won’t be any problems."
Market graph image via Shutterstock
