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While there are certain problems with bank accounts opening and depositing fiat money on South Korean cryptocurrency exchanges, the national market welcomes new participants.

On 12 February, a new crypto-exchange started operations. The trading platform called Zeniex offers the trading of nine cryptocurrencies. Its listing includes bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Quantum, etc. Initially Zeniex planned to start trading operations in January, but the launch was postponed due to new cryptocurrency regulation in South Korea.

Starting from February, traders of South korean crypto-exchanges have to disclose their real names while opening virtual bank accounts, and the national trading platforms are obliged to comply with strict requirements of security systems. Currently, only four South Korean exchanges - Bithumb, Upbit, Coinone and Korbit - accept deposits in Korean wons. The rest of South Korean exchanges temporaly do not provide such services due to security problems.

"It’s currently difficult to provide our complete services due to delays in issuing real-name bank accounts for trading…Despite these circumstances, we have decided to go ahead with the launch to service our customers who have been waiting for our opening," Zeniex CEO Choi Kyung-joon said.

Soon, another crypto-exchange will also be launched in South Korea. The platform Dexko opened preliminary registration on 5 February. The process will last until 25 February. All users who register during this period will be granted with fee-free trading operations within the first month after the exchange launches. Dexko's listing will include 10 cryptocurrencies, such as bitcoin, Ethereum, Bitcoin cash, Litecoin, Ripple and others. According to the management of the exchange, Dexko meets all the requirements of South Korean regulators and will soon get the right to accept fiat deposits. Its launch is scheduled on 15 March.

Additionally, two Chinese crypto-exchanges, OkCoin and Huobi, plan to enter the South Korean market.