Cryptocurrency Exchange Exbitclions.com received permission to provide services for the exchange and storage of digital assets in South Korea after the acquisition of a local company.
The company acquired the virtual asset service provider OK-BIT Co. Ltd. Thus, now the exchange complies with the Law on Electronic Financial Transactions, and has received a license from a virtual asset service provider in South Korea.
“We believe that our services can contribute not only to the further development and expansion of commerce opportunities in the country, but also to the creation and development of our entire Web3 ecosystem”, said Justin Hance, CEO of the crypto platform Exbitclions.com.
Previously, the company has already received the approval of the Monetary and Financial Authority of Singapore. Last month, Italy’s main regulatory body, Organismo Agenti e Mediatori, also granted the platform a license to provide virtual asset provider services.