Shiba Inu is now available for trading in South Korea, which is known for its stringent regulations
- One of the few remaining South Korean exchanges
- Shiba Inu keeps slumping
Korbit has announced that it will list Shiba Inu, becoming the first crypto exchange to add support for the meme coin in South Korea, a country that is known for harsh crypto regulations.
The Seoul-based cryptocurrency trading platform will allow its customer to trade the meme coin against the Korean won starting from Thursday.
Apart from SHIB, it will also add Injective Protocol (INJ), the native token of the eponymous Layer 2 decentralized finance (DeFi) protocol.
One of the few remaining South Korean exchanges
Korbit is one of the very few crypto exchanges that managed to weather the brutal regulatory crackdown that forced smaller players to close up shop en masse earlier this year.
Forty exchanges that failed to register with the Financial Intelligence Unit were forced to shut down in September. Those trading companies that did not manage to secure banking partnerships and provide their customers with real-name accounts had to disable won trading, which means that they are only able to facilitate crypto-to-crypto trading.
Bithumb, Coinone, Upbit and Korbit are the only exchanges that are allowed to offer won trading after complying with the necessary regulatory requirements.
In June, multiple exchanges moved to delist high-risk altcoins.
Apart from being the first exchange to bring Shiba Inu to the South Korean crypto market, Korbit also rolled out the first non-fungible token marketplace in the country in June.
Shiba Inu keeps slumping
Earlier this week, Shiba Inu was also listed on Coinhako, a Tim Draper-invested Singaporean exchange.
It also became available on New York-based Gemini in mid-November.
Yet, the cryptocurrency is failing to show any signs of recovery, slipping to $0.00003757, the lowest level since Oct. 24, earlier today. SHIB is down roughly 55% from its Oct. 28 peak, slipping to 13th place on CoinMarketCap.
The meme coin’s trading volume has so far topped $2.7 billion today.