South Korea's third largest cryptocurrency exchange, Coinone, has announced plans to launch an exchange in Indonesia, according to a press release published on its site Monday, April 16.
As stated in the Coinone's press release, the new Indonesian branch opened for pre-registration April 16, with an official launch set for June.
According to Finance Magnates, the exchange will initially support six cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin and Quantum.
Users based outside of Indonesia will be able to use the platform after the pre-registration period, but will need to go through a separate KYC verification process, the exchange stated.
Coinone is currently ranked number 27 among crypto exchanges globally, with a 24-hour trading volume of $49 mln to press time.
Finance Magnates reports that, according to the exchange, its overseas expansion makes it the "First among the top cryptocurrency exchanges in Korea to enter the global market." Coinone explains that it chose Indonesia due to the country being "Highly regarded for its potential growth in the Fintech industry."
The company's evaluation notwithstanding, Indonesia has a relatively tough crypto-regulatory climate.
Earlier, in October of last year, the bank reiterated that it does not recognize Bitcoin as a legal means of payment, causing two domestic crypto exchanges to shut down voluntarily.
On April 9, Cointelegraph reported that South Korea's Financial Services Commission's has inspected three domestic banks serving crypto exchanges for compliance with anti-anonymity regulations that were introduced in January.
Nonghyup Bank, Coinone's service partner, is currently under scrutiny as part of these measures.
Major South Korean Crypto Exchange Coinone To Launch In Indonesia
Published on Apr 17, 2018
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.