Highlighting a stock exchange error regarding TREAT, the Shiba Inu ecosystem token, Shytoshi Kusama, the lead developer of Shiba Inu, stated in his post on X that Crypto.com gave false information to its users about the token.

This post quickly attracted attention in the crypto world and cleared up the confusion around the TREAT token, offering users a safe trading environment.

Shytoshi Kusama Is Not Happy With Crypto.com’s Mistake

“Unfortunately, Crypto.com published incorrect information about our yet-to-be-launched TREAT token, incorrectly assuming it had been launched,” the developer wrote in his post. This statement was related to a previous article on the crypto platform that directed users to a false Treat site.

Might interest you: Cryptocom, Postponed Its Launch in South Korea

As clarified, the link provided was not about the Shiba Inu ecosystem. Kusama’s post also highlighted the SHIB community’s efforts to correct the issue by contacting the exchange.

Additionally, Shytoshi Kusama’s post added, “Be careful with this other Treat token (and the many fake tokens that will inevitably be created for fraudulent purposes).” It is worth noting that TREAT is the utility and governance token for Shiba Inu’s new privacy-focused Layer-3 blockchain.

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The post Shiba Inu Developer Reveals Cryptocom’s TREAT Token Mistake appeared first on Coin Engineer.

In a statement to The Block, a spokesperson for Crypto.com expressed the company’s commitment to ensuring that Korean regulators fully understand their policies, procedures, systems, and controls. Recognizing South Korea as a challenging market for international exchanges to enter, Crypto.com emphasizes its dedication to collaborating with regulators to foster responsible industry advancement tailored to Korean users.

The postponement comes in the wake of a report by Segye Ilbo detailing a visit to Crypto.com’s local office by South Korea’s Financial Intelligence Unit. The visit was reportedly prompted by concerns raised over the company’s submitted documents related to anti-money laundering measures.

Crypto.com had previously announced plans to launch a local trading platform in South Korea, where it intended to fill the void left by the closure of OkBit, a domestically licensed crypto exchange. OkBit is scheduled to cease operations at the end of the month.

Addressing customer concerns, Crypto.com clarified that no new customers have been onboarded in Korea since the acquisition of OkBit. Access for existing customers has been limited to withdrawals only. Notably, OkBit had approximately 900 customers at the time of its acquisition and had not been cited for any AML violations.

Further details regarding the rescheduled launch date or confirmation of the FIU’s visit were not immediately provided by Crypto.com. Similarly, the FIU did not respond to inquiries from The Block.

South Korea maintains strict regulations on cryptocurrency exchanges, including restrictions on overseas exchanges soliciting services to local investors. This has prompted companies like Binance and Crypto.com to pursue local market entry strategies, often involving the acquisition of domestic exchanges.

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Announced on Tuesday, Cryptocom’s retail trading services are scheduled to commence on April 29th, targeting the South Korean audience. The platform will replace OK-BIT and is poised to adhere to the rigorous regulatory framework outlined by local authorities.

Eric Anziani, the President and Chief Operating Officer of Cryptocom, expressed enthusiasm about the launch, emphasizing South Korea‘s significance in their business expansion. He highlighted the strong consumer interest in cryptocurrency within the South Korean market.

The new Cryptocom platform, dubbed the Cryptocom App, will cater to retail users, enabling them to trade both cryptocurrencies and non-fungible tokens (NFTs). However, institutional clients will not be served due to regulations barring South Korean institutions from direct crypto investments.

South Korea’s regulatory landscape mandates crypto exchanges to establish bank partnerships to facilitate fiat-to-crypto trading, aiming to mitigate money laundering and market manipulation risks. While OK-BIT and similar exchanges without bank partnerships were limited to crypto-to-crypto trading, Cryptocom aims to eventually secure such a partnership to offer a comprehensive trading experience.

Cryptocom’s initial services will focus on crypto-to-crypto exchanges, with plans to pursue a local bank partnership to expand its offerings, as reported by South Korean news agency News1.

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The post Cryptocom Launches South Korea Platform appeared first on Coin Engineer.