Singapore-based cryptocurrency exchange enters South Korea through acquisitions – TechCrunch


Singapore-based has acquired two startups in South Korea – payment service provider PnLink and virtual asset provider OK-BIT – for an undisclosed amount, said.

The company also announced Monday that it has secured registrations under South Korea’s Electronic Financial Transactions Act and as a virtual asset service provider.

“We are committed to working with regulators to continue to bring our products and services to market, especially in countries like South Korea where consumers have shown strong interest and acceptance of digital currencies,” said Co-Founder and CEO Chris. Marszalek

The news marks a shift for, which CEO Marszalek said will take place in June. It laid off 260 workers.Equal to 5% of the employee, to ensure continuous and sustainable growth for a long time.

The Singaporean company, which has more than 50 million users worldwide, said it wants to establish a direct relationship with Korean users. South Korea is an important market for due to the development of blockchain technology and high demand for crypto, said Patrick Yoon, General Manager of South Korea. has received many certifications to offer crypto exchange products and services Approval in principle from the Monetary Authority of Singapore and provisional approval of the license of the virtual property From Dubai Virtual Property Regulatory Authority In June, as well Regulatory license from the Cyprus Securities and Exchange Commission In July.


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