Major global cryptocurrency firms are accelerating their push into the Korean market. Tether, the issuer of the world’s largest stablecoin USDT; Binance, the world’s largest crypto exchange; and Crypto.com, a global digital asset platform, are all expanding their presence in South Korea through active recruitment, strategic partnerships, and new service launches.
Tether recently posted a job opening for an “Expansion Manager” dedicated to Korea. The role involves overseeing government relations, identifying new business opportunities, establishing partnerships, and understanding the local regulatory landscape. Similar roles have also been listed for other key markets including Hong Kong, Singapore, Taiwan, Japan, and the Middle East — suggesting a broad global expansion campaign.
Binance is also recalibrating its strategy to re-enter the Korean market. In 2023, the exchange acquired a 72.6% stake in Gopax, a local crypto exchange. While regulatory challenges have delayed full-scale operations, Binance is now restructuring its shareholding and compliance approach to better align with Korea’s financial rules. With an average daily trading volume of $90 billion, even a small portion of Binance’s volume could dramatically outpace the combined trading activity of all Korean exchanges.
Crypto.com is resuming its push into Korea as well. Although its plans to launch crypto trading services last year were halted due to a site inspection by Korea’s Financial Intelligence Unit (FIU) regarding anti-money laundering (AML) compliance, the company recently rolled out “Crypto.com Pay,” a payment service targeting foreign tourists in Korea. This move signals a renewed commitment to the Korean market via indirect, regulatory-friendly avenues.
Industry analysts view these moves not just as opportunistic entries, but as part of long-term positioning strategies. Korea’s crypto market is known for its exceptionally high trading volumes and dense investor concentration. Foreign firms see these characteristics as a unique opportunity, especially if domestic regulations loosen in the future.
On the flip side, Korean exchanges are being urged to respond proactively. “Domestic exchanges must embrace aggressive overseas expansion and focus on tech and service innovation,” said one industry insider. “Localization strategies and regulatory navigation will be crucial to surviving against global competition.”
As the regulatory environment continues to evolve, the coming months could be a turning point in the battle between domestic and international crypto players vying for dominance in the Korean market.
