Chinese cryptocurrency exchange Huobi officially launched in South Korea. The exchange has established the investor protection Fund and a special program for compensation of any losses that have occurred through no fault of the users.
March 30, Huobi Korea, a subsidiary of Beijing Huobi, has announced the official launch of the Korea:
“On Huobi Korea will be represented by 100 coins and 208 markets (33 market USDT, 98 and 77 markets BTC markets ETH). 98% of customer assets are stored in cold wallets. In addition, the internal security have been strengthened. In order to open the vault, to go through a complicated procedure that requires simultaneous authentication of several people.”
Representatives of the company declare that “in the future, the platform plans to continually add support for new crypto-currencies”.
According to Huobi, the platform enables the listing of DAT, DBC, DGD, DTA, EDU, ABT, ACT, ADX, AIDOC, APPC, AST, BAT, BCD, BCH, BCX, BIFI, BLZ, BTC, BTG, BTM, CHAT, CMT, CTXC, CVC, LINK, LSK, LTC, LUN, MANA, MCO, MDS, ICC, IOST, ITC, ICC, IOST, ITO, EKO, ELA, ELF, ENG, EOS, ETC, ETH, EVX, GAS, GNT GNX, MTP, MTL, MTN, MTX, NAS, NEO, OCN, OMG, ONT, OST, PAY, POWR, PROPY, QASH, QSP, QTUM, QUN, RCN, RDN, REQ, RPX, RUFF, SALT, SBTC, SMT, SNC, SNT, SOC, SRN, STK, STORJ, SWFTC, THETA, TNB, TNT, TOPC, TRX, USDT, UTK, VEN, WAX, WICC, WPR, XEM, XRP, YEE, ZEC, ZIL, ZLA and ZRX.
As reported Huobi Korea, the possibility of trading using the Korean won is in the process of preparation and will soon be available. This delay is likely related to the regulation of cryptocurrency in South Korea, according to which from January of this year the country has banned anonymous trading cryptocurrencies. From this moment on, Korean banks opened a virtual account only the four largest exchanges — Upbit, Bithumb, Coinone and Korbit. However, Money Today reported on Thursday that a major Korean Bank, Shinhan Bank is in talks about how to start to render services on creation of virtual accounts and smaller stock exchanges, such as Coinplug.
Huobi, the representative of Korea stated:
“We concentrate our capabilities for the early opening of the Korean market over … All employees will make every effort to provide a more secure and stable trading services.”
Huobi is currently the third largest cryptocurrency exchange in the world with a daily trading volume of about $1.32 billion In South Korea’s largest exchange is Upbit with a daily trading volume of $745 million.
Before China shut down cryptocurrency exchanges, Huobi, byla one of the largest in the country. Today the company is present in six countries – Korea, Singapore, USA, Japan, Hong Kong and China.
Last week, Huobi registered in the Network on struggle against financial crimes of the USA in preparation for the launch in the United States. Meanwhile, the SBI Group of Japan has refused partnership with Huobi Group, which planned the opening of two new retail platforms in Japan.