Huobi Group has officially announced that trading on Huobi cryptocurrency exchange in South Korea has opened. The new South Korea Huobi subsidiary supports 100 altcoins and trading on 208 markets (77 ETH markets, 98 BTC markets, and 33 USDT markets).
The subsidiary also offers investor protection fund and program to swiftly recompense investors in cases of losses incurred outside of their control. Huobi Pro global exchange is currently the second in the world by trading volume.
The group launched Huobi Pro exchange is domiciled in Singapore since the Chinese government clamped down on ICOs and domestic crypto-fiat exchanges. With the regulations getting tougher, Huobi is now targeting overseas markets, with a US launch set to follow South Korea.
South Korea is considered to harbor the world’s largest crypto user base after the US and Japan. With this crypto craze, altcoins in South Korea formerly traded 30% above other markets although this subsided earlier this year. The country is deemed to have a dozen cryptocurrency exchanges.
Late last year, South Korea banned anonymous crypto trading, and in January this year, there were misinterpreted rumors about an outright national ban on crypto trading that led to over 200,000 South Koreans signing a public petition. The rumors led to a crypto rush that tumbled the crypto prices in the country with a trickledown effect.
The South Korean government is now considering revoking its earlier ban on ICOs while six major national banks continue to support crypto exchanges. There is talk about a taxation framework for the South Korean crypto market that is likely to be unveiled in June this year.