Chinese Cryptocurrency Exchanges Delay Launching in South Korea Due to Regulation

Two major Chinese cryptocurrency exchanges have delayed their launches in South Korea due to uncertainties surrounding the government’s regulation. The regulators are currently working on a real-name identification system that will end the anonymous trading of cryptocurrencies in the country.

A Bump in the Road to Korea

Ever since the Chinese government closed down China’s crypto exchanges in September, two of the country’s largest crypto trading platforms have been preparing to enter the South Korean market. “Huobi and Okcoin have delayed their planned launches in Korea amid the tightening of government regulations,” the Korea Herold’s the Investor reported on Wednesday.

Okcoin established a subsidiary called Okcoin Korea in October with a plan to start a trading service in December of last year. Initially, the platform would support 10 cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), and ether (ETH). However, the news outlet elaborated: