In line with a recent local media news report ‘The Investors’, BTCC, that presently is headquartered in Hong Kong, is reportedly launching its beta services for trading in South Korea later this month and build its official debut within the market till Nov. this year.
According to the BTCC official web-site, the Korean service, headed by ‘Lee Jae-beom’ would span a trading platform, digital wallet service, mining pool, and a service to modify investors payments.However, as per the website:
“BTCC is establishing an on/offline payment system employing cryptocurrency and is increasing its services for real-life use.”
BTC China was launched back in year 2011 and was once amongst the largest three cryptocurrency exchanges in China, before the intense pressure from regulators along with the country’s financial banks amid signs of an impending crypto exchange ban prompted it to announce its closure in Sep 2017 — the month as China’s domestic restrictive ban on ICOs was declared.
This January, the firm was acquired by a Hong Kong-based blockchain investment fund; a rebranded BTCC afterwards pursued the event of its international BTCC mining pool and Mobi wallet software system, before relaunching its commercialism platform in July.
Crypto exchanges in South Korea have additionally drawn appreciable scrutiny from domestic watchdogs, notably intense within the wake of high-profile hacks and fraud allegations.
However, draft legislation has been at the work within the country this year to sort exchanges as “crypto asset exchange and brokerage,” thereby “outlininig them as regulated financial establishments,” as opposed their previous classification as “communication vendors.”
Even next month, a decision is anticipated to be declared following officials’ deliberation over probably repealing South Korea’s own ban on ICOs, that has additionally been in effect since Sep 2017.
As of press time, BTCC is seeing $211,697 USD in trades over the 24-hour time, in line with data from CoinMarketCap.