Crypto.com has encountered a roadblock in entering the South Korean crypto market, as the local financial regulator is deferring the approval of a local entity's transition of executive leadership, according to a local media report.
However, South Korea’s Financial Intelligence Unit has delayed approving the entity’s leadership transition, from Crypto.com Co-founder Rafael Melo to President and COO Eric Anziani, according to local news outlet Bizwatch. Foris DAX Korea Limited, the South Korean company that Crypto.com acquired, internally made the leadership change on Jan. 25, the report said.
The operating license acquired by predecessor OK-BIT will expire this coming November, which Crypto.com will need to renew. As OK-BIT did not qualify for launching a fiat-to-crypto platform, Crypto.com would also need to meet stricter local compliance requirements in order to fully operate in the country.
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