Crypto.com Postpones South Korea Launch Amid Anti-Money Laundering Scrutiny

Crypto.com has indefinitely postponed its launch in South Korea, just six days before its scheduled debut. This delay follows an emergency on-site inspection by financial authorities regarding its anti-money laundering measures. The company aims to provide clarification to Korean regulators and ensure compliance with global standards. Despite challenges, Crypto.com expresses commitment to responsible industry development in South Korea. The company emphasizes its adherence to high anti-money laundering standards and asserts that it has not acquired new customers in South Korea since acquiring OKBit. However, the Financial Intelligence Unit (FIU) found concerns with the submitted data, prompting the inspection. Since acquiring OKBit in June 2022 and obtaining a domestic license, Crypto.com had planned a mobile application launch for coin-to-coin trading on June 29th.

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