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South Korea Approves Fifth Cash-To-Crypto Exchange
South Korea’s Financial Intelligence Unit (FIU) Thursday said it approved GOPAX as the country’s fifth digital asset exchange to provide cash-to-crypto services.
Kabir V.
5:37 22nd Apr, 2022
Adoption

Cash-to-crypto services on GOPAX starts Apr. 28.

Last September, South Korea mandated strict licensing requirements for crypto exchanges to counter money laundering and market manipulation.

Local exchanges must obtain a government-issued information security certificate and a local bank partner to provide users real-name accounts.

Exchanges that fail to secure a bank partner are limited to providing crypto-to-crypto services only.

GOPAX partnered with regional Jeonbuk Bank in February, and applied for renewal of its business license on March 7.

The four other digital asset exchanges that crossed the cash-to-crypto finish line ahead of GOPAX — Upbit, Bithumb, Coinone, Korbit — dominate 99% of the local crypto trading volume.

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