Officially started trading in the South Korean branch of the Chinese crypto-exchanger Huobi. The new division of Huobi in South Korea supports 100 altcoins and trades at 208 sites (77 ETH sites, 98 BTC sites and 33 sites USDT).
It is also proposed to become a participant in the investor protection fund and an operational compensation program for investors in case of losses that had to be incurred not through their fault, but as a result of the situation getting out of control.
At the moment, the Huobi Pro Exchange ranks second in the world ranking according to the volume of trading according to Coinmarketcap. Huobi group launched the work of its Huobi Pro exchange, which is headquartered in Singapore, after the Chinese government imposed a ban on ICO and the operation of crypto-fiat exchanges in the country in September 2017. In January and February this year, the Chinese leadership continued to tighten the screws.
Regardless of the attack of regulators, Huobi is now heading for foreign markets, including the US and South Korea. The latter offers its own perspectives, and is also characterized by its contradictions.
It is famous for having one of the largest user bases of crypto currency in the world after the US and Japan. There was a kind of Korean crypto-madness, when the share of trades in altcoins exceeded by 30% the volume of trading in other markets, although the so-called “kimchi-prize” evaporated earlier this year. It is known that in South Korea there are now about a dozen crypto-instruments.
In December 2017, anonymous trading in crypto-currency was banned in Korea, and in January 2018 over 200,000 South Koreans signed a public petition following misunderstood rumors about a complete ban on crypto-currency trading.
The government of South Korea is considering lifting the ban on ICO, and six of the country’s largest banks continue to support crypto-exchanges. Taxation rates for the South Korean crypto-cash market will be realized in 2019.