Crypto.com Receives South Korean Regulatory Licenses After Buying Local Firms
The firm did not publicly disclose the deal size.
Aug 8, 2022 at 7:38 a.m. UTCUpdated May 11, 2023 at 5:42 p.m. UTC
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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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Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.
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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.