According to an official announcement by Huobi Group on March 30, the Beijing-born Huobi crypto exchange has officially opened trade in South Korea.Huobi’s new South Korean subsidiary supports trading on 208 markets (77 ETH markets, 98 BTC markets, and 33 USDT markets) and 100 altcoins.
It also offers an investor protection fund and program to quickly compensate investors in cases of losses acquired outside of their control.
According to data provided by Coinmarketcap as of press time, Huobi Pro global exchange currently ranks second worldwide by trade volume.After the Chinese government clamped down on ICOs and domestic crypto-fiat exchanges in September 2017, Huobi group launched its Huobi Pro exchange, headquartered in Singapore. Chinese regulatory measures proceeded to toughen in January and February of this year.In the midst this regulatory assault, Huobi is now set to focus on overseas markets, with a US launch planned follow South Korea. The South Korean context offers its own promises and inconsistencies.
The country is considered to have the world’s largest cryptocurrency user base following the US and Japan. Such has been the commonplace for Korean exchanges to offer Altcoins 30% above average market prices, although this so-called “Kimchi-premium” dissipated entirely earlier this year. South Korea is reported to have twelve cryptocurrency exchanges.
The Korean government banned anonymous crypto trading in December 2017, and in January 2018 more than 200,000 South Koreans signed a public petition following misunderstood rumors of an outright national embargo on cryptocurrency trading.The South Korean government is looking to revoke its ban on ICOs, according to reports, and six major national banks continue to support cryptocurrency exchanges.A taxation structure for the South Korean cryptocurrency market is expected to be unveiled in June.