BTCC China’s first Bitcoin exchange will now launch trading services in South Korea according to our latest bitcoin news reported yesterday on October 16.
BTCC was previously known as BTC China, that has headquarters in Hong Kong, will soon start beta trading services in South Korea by the end of this month and will officially debut in at the start of November.
According to their website, this new service that is headed by Lee Jae-beom will provide a trading platform, wallet service and a mining pool to the future customers.
They noted:
‘’BTCC is establishing an on/offline payment system using cryptocurrency and is expanding services for real-life use.’’
This major exchange was founded in 2011 and is one of the top five crypto exchanges in China. The exchange was under intensified pressure from the country’s regulators and the signs from the central bank of China of an imminent exchange crackdown which further led to its closure last year in September.
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This was the same year and month when China put up a ban on Initial Coin Offerings.
This company was acquired this January by a Hong Kong-based blockchain fund which led to re-branding BTCC and developing the mining pool and wallet software in July this year.
South Koran exchanges are also under a lot of scrutiny from domestic watchdogs since this is the period of fraud allegations and hack attacks.
On the bright side, the country is working on a draft legislation to reclassify crypto exchanges as crypto asset exchange and brokerage thus recognizing them as regulated financial institutions.
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