April 20, 2024

• 

[THE INVESTOR] BCEX, a Chinese cryptocurrency exchange headquartered in Vancouver, Canada, on Oct. 26 said it is launching services in Korea in December. 

The exchange with partners across 15 countries, including Canada, UK, Australia, Japan and Malaysia, boasts daily transactions of 190 billion won (US$166.89 million). It is one of the top 10 exchanges ranked by volume, as compiled by Coinmarketcap. 

“Local traders have less diversified choices of crypto exchanges. While the number of new exchanges is growing, the risk levels have gone up too,” an official at BCEX Korea said in a statement. 

“BCEX, which has gained recognition globally, will implement a strict safety management mechanism to provide diverse and specialized services to investors in this market that is largely divided between Bithumb and Upbit.”

The Korean unit said it will implement the same transaction system used in other countries. Over 150 cryptocurrencies are available, including Bitcoin, Ethereum, Ripple and EOS. There will be new coins that are only listed on BCEX and BCEX Korea for trading. 

BCEX’s imminent arrival comes amid a flurry of foreign crypto exchanges making their debut here, which is expected to raise competition in the market. Chinese-based exchanges OKCoin and Huobi and Singaporean CoinBene have already launched services here, while BTCC, China’s first crypto exchange, formerly known as BTC China, is also making its debut this month.

By Ahn Sung-mi (sahn@heraldcorp.com)