Among the regulatory obstacles, Crypto.com delayed the launch of South Korea

Crypto.com plans to launch its trading services in South Korea on April 29. The company has obtained OK-BIT and PnLink regulatory compliance. Despite the temporary halt, the company is determined to navigate the challenges of eventually entering the country.

Crypto.com has decided to temporarily halt its plans to enter the South Korean market.

The move comes as the company faces regulatory challenges in one of the world's most active cryptocurrency hubs.

Crypto.com is facing regulatory hurdles despite its acquisitions.

Earlier this month, Crypto.com announced plans to enter the South Korean market to offer a wide variety of cryptocurrencies and non-specialized token (NFT) projects to South Korean customers.

The company In August 2022, it made significant strides to establish its presence in South Korea by acquiring two local cryptocurrency companies, OK-BIT and PnLink. com is slated to launch on April 29 to be operational when the OK-BIT license expires.

However, despite the initial enthusiasm, Crypto.com encountered regulatory problems that forced South Korea to stop its expansion. To begin with, OK-BIT was not qualified to offer fiat-to-crypto services, meaning Crypto.com must meet more stringent compliance requirements to become fully compliant in the country.

Additionally, local sources are reporting that South Korea's Financial Intelligence Unit (FIU), which operates under the Financial Services Commission, has found issues with anti-money laundering information provided by Crypto.com, prompting the FIU to launch an on-site investigation. immediately.

There are also reports that the FIU has not approved a key management change at Foris DAX Korea Limited, the entity behind Crypto.com's operations in South Korea. However, the company's spokesperson cleared the air by saying that T Company was working to improve some local directors, such as the operating system, and that the exchange has no effect on launching the application in South Korea on April 29. .

In a recent email, the company acknowledged the difficulties it has faced in foreign exchange entering the South Korean market, but reiterated its commitment to working with local regulatory authorities to navigate through the complexities.

Crypto.com is optimistic about the prospects in South Korea and recognizes the market's high potential and opportunities for growth. After addressing regulatory concerns and strengthening cooperation with local authorities, it ultimately aims to make its mark in one of the world's most dynamic cryptocurrency markets.