Crypto exchange BTCC is all set to launch its trading services in a South Korean business outlet. BTCC which is China’s first Bitcoin exchange was formerly known as BTC China. The exchange presently has its headquarters in Hong Kong. BTCC will reportedly commence its beta services for trading in South Korea on October 31 and later make its official debut in the market in November this year.
Founded in 2011, BTCC used to be one of the largest exchanges in the world in terms of trading volume before the Chinese government’s crackdown on initial coin offerings and cryptocurrency trading. The exchange closed down its operations in China in September last year. It re-launched its services in Hong Kong in January this year.
Lee Jae-beom will be heading crypto exchange BTCC’s Korea office. Lee said that crypto exchanges are facing a turning point owing to a downturn in local exchanges while global exchanges seem to be taking a leap here. He further added that BTCC Korea will be offering a new vision and strategy to crypto exchanges.
BTCC Korea will span a wallet service, mining pool, a trading platform and a service to facilitate consumer payments. The exchange was acquired by a Hong Kong-based blockchain investment fund in January this year. Post its rebranding, BTCC subsequently pursued the development of its international BTCC mining pool and Mobi wallet software, before it re-launched its trading platform in July, as stated in the Cointelegraph report.
In the wake of high-profile hacks and fraud allegations, crypto exchanges in South Korea have also drawn considerable scrutiny from local regulators. The draft legislation has been in the works in South Korea to re-classify exchanges as crypto asset exchange and brokerage. This re-classification will help in recognizing them as regulated financial institutions, as opposed to their earlier classification as communication vendors.
Crypto exchange BTCC intends to expand its footprint through its strategic tie-ups with global and local companies. Recently, the exchange entered into a partnership with Defytime, an anti-aging products company, for helping to adopt blockchain in health care products, as stated in The Investor report.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]