Another Overseas Crypto Exchange Wants to Break into South Korean Market
Another international crypto exchange wants to gain a foothold in the elusive South Korean market, with a platform named Bitbest planning to launch in 2024.
Per the South Korean media outlet Fn Today, the firm said it had launched a “global site” ahead of the “official launch” of “Bitbest Korea” in South Korea next year.
The company is headquartered in the South Pacific nation of Vanuatu, per its official website.
Crypto firms of all sizes have been trying to force their way into the lucrative East Asian market for years.
But since Japan and South Korea started to regulate crypto in the late 2010s, large international players have struggled to keep up.
The global market leader Binance has been trying to force its way into both Japan and South Korea since it was forced to exit the former in 2018.
The firm has since turned to the mergers and acquisitions market for answers in both countries.
Binance Japan launched in Japan in August this year, following the crypto giant’s acquisition of Sakura Exchange BitCoin in November 2022.
The platform has recently added 13 new trading pairs in a bid to woo domestic customers and boost its offering to 100 coins.
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