China’s first Bitcoin (BTC) exchange, BTCC, formerly known as BTC China, is ready to launch new trading services in South Korea, as The Investor reported yesterday, October 16th. BTCC, currently based in Hong Kong, will begin marketing its facilities in South Korea later this month via a Beta phase, while it would make its official debut in November.
According to BTCC’s website, the South Korean service, headed by Lee Jae-Beom, would comprise a new crypto exchange platform, a wallet service, a mining fund, and a service to enable consumer payments.
“BTCC is establishing an online/offline payment system using cryptocurrencies, and is expanding services for use in real life,” BTCC stated.
BTC China (BTCC) established in 2011 and was previously one of China’s top-three crypto exchange platforms, before intensified pressure from the country’s regulators and central bank, amid signs of imminent crypto repression, forcing BTCC to announce its closure in September 2017, while China’s national regulatory banned Initial Coin Offerings (ICOs) at the same time.
BTCC Crypto Exchange, the First Bitcoin (BTC) Exchange In China, Plans to Relaunch in South Korea in November
Crypto exchange platforms in South Korea have also come under considerable scrutiny by national watchdogs, which have intensified markedly in the wake of high-profile checkpoints and allegations of fraud. This year, however, China has been working to reclassify the exchanges as “crypto assets and brokerage exchanges,” thereby “recognizing them as regulated financial institutions.”
A decision is expected to be announced next month following officials’ deliberation on the possible repeal of South Korea’s ban on ICOs, which has also been in effect since September 2017. At the time of going to press, BTCC is recording about $170,000 in daily trading volumes.