Crypto.com enters South Korea after acquiring two startups in country

Cryptocurrency exchange Crypto.com has purchased South Korea-based payment service provider PnLink Co. and virtual asset service provider OK-BIT Co. for undisclosed amounts.Those deals enabled Crypto.com, which has over 50M users globally, to obtain the Electronic Financial Transaction Act and Virtual Asset Service Provider registration licenses, and thus expanding its trading services in South Korea, according to a release dated Monday.“We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies,” said Crypto.com CEO and Co-Founder Kris Marszalek.The move comes in the midst of a crypto market downturn, but that doesn't seem to bother Crypto.com as it continues to expand its global reach. The Singapore-based company in July landed regulatory approval to operate in Italy.In June, Crypto.com received in-principle licenses from Singapore.