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Finance

Crypto.com Receives South Korean Regulatory Licenses After Buying Local Firms

The firm did not publicly disclose the deal size.

By Parikshit Mishra, Shaurya Malwa
AccessTimeIconAug 8, 2022 at 7:38 a.m. UTC
Updated May 11, 2023 at 5:42 p.m. UTC
Seoul, South Korea (Ciaran O'Brien/Unsplash)
Seoul, South Korea (Ciaran O'Brien/Unsplash)

Digital asset exchange Crypto.com said on Monday it has acquired South Korean payment service firm PnLink Co. and virtual-asset exchange OK-BIT Co.

  • The move has allowed Crypto.com to secure the Electronic Financial Transaction Act and Virtual Asset Service Provider registration licenses in Korea. These licenses are provided to trading and financial firms to conduct business legitimately within Korea and extend services to locals.
  • “This is an exciting next step for Crypto.com in an important market,” Kris Marszalek, co-founder and CEO of Crypto.com, said in a statement. “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.”
  • Crypto.com did not disclose the deal size or whether the firm would face any regulatory hurdles.
  • The acquisitions come in the middle of a crypto market downturn, which has pushed several large exchanges to cut jobs and revise their growth plans.
  • However, in the midst of the downturn, Crypto.com has made several strides to expand. It recently received regulatory approval to operate in Italy, and Greece. In June, it obtained a license in Singapore, and in March the exchange opened an office in Dubai.
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    • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Parikshit Mishra
    Parikshit Mishra

    Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

    Follow @parikshitm899 on Twitter
    Shaurya Malwa
    Shaurya Malwa

    Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

    Follow @shauryamalwa on Twitter