One of the largest cryptocurrency businesses in China exchange services provider OKCoin announced on Tuesday the launch of its trading platform in South Korea.
According to the company's statement, the new business has been named OKCoin Korea and it allows buying and selling Bitcoin (TIKER: BTC.EXANTE) with KRW fast securely.
OKCoin was founded by CEO Star Xu in 2013 and has raised US$ 10 million in investments from Ceyuan Ventures, Mantra Capital, Ventures Lab and other notable private investors including Silicon Valley investor Tim Draper.
From December 2014 and until May of 2015 OKCoin has been managing the domain bitcoin.com, and stopped due to a dispute with the domain-owner, Roger Ver.
As of August 2016, OKCoin was the largest Bitcoin exchange in the world with a volume of over 16,000,000 Bitcoins per month.
In February of 2017, OKCoin and its main competitor Huobi, the two largest Bitcoin exchanges in China, were flagged by the People’s Bank of China for operating a trading platform without appropriate Know Your Customer and Anti-Money Laundering systems.
Huobi has already entered the South Korean market with the launch of a new exchange on March 30 2018 with 100 coins listed, which can be traded in 208 markets.
By Anton Lysenkov