Crypto.com has announced the acquisition of payment service PhLink and crypto exchange OK-BIT in South Korea, gaining regulatory status in the country.
The purchase of both firms has enabled the exchange to secure the Electonic Financial Transaction Act and Virtual Asset Service Provider registration licenses in Korea.
“We're excited to share that we’ve achieve another key regulatory milestone: EFTA + VASP registration in South Korea.
Such licences are given to financial and trading firms to facilitate the expansion of services to locals by conducting business legitimately with Korea.
Crypto.com CEO and co-founder Kris Marszalek said: “This is an exciting next step for Crypto.com in an important market. We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.”
Although there has been a global downturn in the crypto market, forcing many companies, such as Coinbase, Blockchain.com, OpenSea, Gemini and Robinhood, to cut jobs and downsize their workforce, Crypto.com has been expanding its global footprint.
The exchange has recently received regulatory approval to operate in Greece and Italy, as well as obtaining a licence in Singapore, opening new offices with Bybit (the crypto-only exchange) in Dubai, and partnering with K-pop entertainment agency Fantagio.