For the first time in two years, a cryptocurrency exchange has acquired a Virtual Asset Service Provider (VASP) license. Amid growing regulatory pressures and increasing competition that have caused many exchanges to close, the new exchange ‘Inex’ has gained attention by obtaining its VASP license.
According to industry sources on the 16th, Infinity Exchange Korea, which operates Inex, recently completed its VASP registration with the Financial Intelligence Unit (FIU). This marks the first registration in two years since Coinbit in September 2022. Inex is scheduled to officially open at the end of October, operating as a coin market exchange.
Since its establishment in April 2022, Inex has been rigorously preparing for business by implementing an anti-money laundering (AML) system, obtaining preliminary certification for the Information Security Management System (ISMS), and integrating the CODE travel rule solution. The company has also actively recruited talent. Former CEO of Bithumb Korea, Jae-won Choi, has joined as Chief Financial Officer (CFO) and Head of the Management Support Division, while Kim Jae-hwa, a former chief prosecutor of the Seoul Northern District Prosecutor’s Office and current CEO of Hanbee Law Office, has joined as legal advisor.
Inex aims to differentiate itself in the market by learning from the underperformance of existing coin market exchanges. The company is targeting niche markets, especially focusing on the Tether (USDT) market. It also plans to rapidly list high-quality overseas projects as part of its strategy.
Inex is also planning to expand into the Korean Won (KRW) market in the future. The company aims to begin negotiations with banks next year and enter the KRW market by late 2025 or early 2026. To operate in the KRW market, it will need to sign a real-name account contract with a bank, a hurdle that only five major exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) have successfully cleared since the revised Special Financial Transaction Information Act came into effect in 2021.
Inex CEO Jae-kang Lee stated, “We will continue to strive to provide a trading platform that prioritizes market transparency and investor protection. We have fully prepared to leverage the advantages of being a latecomer to establish ourselves in the existing market.”
With Inex’s potential market impact and its plans for expansion into the KRW market, the industry is keenly watching how the company will perform in the coming years.
