The HOTBIT Global exchange opens South Korean office

The HOTBIT Global exchange opens South Korean office

By Benson Toti - min read

One of the top crypto exchanges in the world has launched a local office in South Korea, named HOTBIT Korea

On June 10, a new HOTBIT office was opened in South Korea in an expansion of the company’s operations. HOTBIT Global is one of the world’s leading cryptocurrency exchanges, with licensing from regulators in the United States, Australia and Canada, and was founded in Estonia in January 2018.

With its Korean subsidiary in place, HOTBIT has officially started operations in the country, with the Korean Government strongly supporting the development and research of cryptocurrency and related technologies. HOTBIT chose South Korea because it has been on the forefront of the cryptocurrency boom in the past few years; being one of a handful of countries that have rolled out wide-scale adoption of blockchain technology.

HOTBIT Global’s Chief Strategy Officer, Alex Zhou, explained how South Korea is a strategic market for the growth of cryptocurrencies.

“South Korea is a key market for cryptocurrency. For example, statistics on SimilarWeb shows that the majority of crypto investors are from the United States, Russia, South Korea, and China. So it’s a natural decision for HOTBIT Global to start operations in the country. Meanwhile, HOTBIT Global already has quite a large user base in South Korea, so we hope to provide more convenient services to them.” Zhou explained.

Zhou also shared that the company’s South Korean branch is the first step of the “HOTBIT Global Strategy 2.0,” as the team is currently working on launching more local offices around the world.

Since its creation in 2018, HOTBIT Global has been praised for its stability and highly efficienct services. According to HOTBIT’s blog, HOTBIT Korea will tap into trading volumes from the Hotbit Global platform. It will also provide compliant KRW trading services for South Korean users in the future.

Currently, HOTBIT Korea offers the trading of BTC, KRW, and USDT transaction pairs for nearly 100 cryptocurrency assets.

Just a few days into their launch, the company issued a notice to clients regarding a counterfeit Twitter account, stating that HOTBIT Korea’s sole official Twitter handle is @Hotbit_Korea.

South Korea is known for its open stance on the research and development of cryptocurrencies. In March, the country passed what many considered to be one of the world’s first comprehensive cryptocurrency laws. In the midst of dealing with the coronavirus, Korean lawmakers passed an amendment to local financial services laws that authorised Korea’s financial regulators to oversee the industry and work on the development of rules around anti-money laundering (AML).