The Singapore-based crypto exchange, Crypto.com, will soon introduce its services to retail traders in South Korea. This move comes two years after the acquisition of the local crypto exchange OK-BIT by Crypto.com.

In an announcement made on Apr. 2, Crypto.com revealed its plans to launch the Crypto.com App in South Korea exclusively for retail users starting on Apr. 29. This launch aims to increase the company's user base in the Asian market and provide access to non-fungible tokens (NFTs) in addition to cryptocurrencies.

By utilizing the OK-BIT platform, which Crypto.com acquired in 2022, the company intends to begin offering its services to users in the Korean market. Users of the OK-BIT platform have been informed of the termination of services effective Apr. 29, following a 30-day notice period.

The president and chief operating officer of Crypto.com, Eric Anziani, expressed excitement about collaborating with South Korean regulators to promote the responsible growth of the industry.

With competition rising among local cryptocurrency trading platforms in South Korea, Crypto.com's entry into the market marks a strategic move. The company has been actively expanding its services globally, including obtaining licenses for certain crypto activities in Dubai and securing an e-money license from the U.K. regulator.