In line with a recent local media news report ‘The Investors’, BTCC,thatpresently is headquartered inHong Kong,isreportedlylaunching itsbeta services fortrading in South Korealater this month andbuildits official debutwithin themarket till Nov. this year.
According to the BTCC officialweb-site, the Korean service, headed by ‘Lee Jae-beom’ would span atrading platform,digital walletservice, mining pool, and a service tomodifyinvestorspayments.However, as per the website:
“BTCC is establishinganon/offline payment systememployingcryptocurrency and isincreasing itsservices for real-life use.”
BTC China waslaunched backin year 2011 and wasonce amongstthe largestthreecryptocurrency exchanges in China, before theintensepressure from regulators along with the country’sfinancial banks amid signs ofanimpendingcrypto exchangebanprompted it to announce its closure inSep2017 —themonth as China’s domesticrestrictiveban on ICOs wasdeclared.
ThisJanuary,the firmwasacquiredby a Hong Kong-based blockchain investment fund; a rebranded BTCCafterwardspursuedthe eventof its international BTCC mining pool and Mobiwallet software system, before relaunching itscommercialismplatform inJuly.
Crypto exchanges inSouth Koreahaveadditionallydrawnappreciablescrutiny from domestic watchdogs, notablyintensewithin thewake of high-profile hacks and fraud allegations.
However, draft legislation has beenat theworkwithin thecountry this year tosortexchanges as “cryptoassetexchange and brokerage,” thereby “outlininig them as regulatedfinancialestablishments,” asopposed their previous classification as “communication vendors.”
Even next month,a decisionis anticipatedto bedeclaredfollowing officials’ deliberation overprobablyrepealing South Korea’s own ban on ICOs,thathasadditionallybeenin effectsinceSep2017.
As of press time, BTCC is seeing $211,697 USD in trades over the 24-hour time, in line with data from CoinMarketCap.