The global cryptocurrency landscape continues to evolve, with South Korea’s leading digital asset platforms making bold moves beyond domestic borders. In a strategic push to capture international markets and comply with evolving regulatory frameworks, Upbit, Coinone, and Bithumb—the country’s three largest crypto exchanges—are launching or expanding operations overseas. These developments signal a pivotal shift in the Korean crypto industry, as exchanges seek new growth opportunities amid tightening local regulations and increasing competition.
This expansion reflects broader trends in the blockchain ecosystem: decentralization of exchange operations, cross-border collaboration, and a growing emphasis on regulatory compliance. As these platforms establish footholds in key financial hubs like Singapore, Malta, and the United States, they’re not only increasing accessibility for global traders but also setting new standards for transparency and institutional-grade infrastructure.
Bithumb Launches U.S.-Based Security Token Platform
In a major step toward international legitimacy, Bithumb announced on October 31 its partnership with Seriesone, a U.S.-based fintech firm specializing in digital securities. The collaboration aims to launch a regulated security token exchange in the United States, pending approvals from the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and other relevant authorities.
👉 Discover how security token trading is reshaping global finance
This joint venture marks a significant milestone for Bithumb, which recently underwent a major ownership transition. The exchange was acquired by BK Global, a Singapore-based consortium, from BTC Korea Holdings—the former majority shareholder with a 75.99% stake. BK Global now holds a controlling interest through a 50% plus one share agreement, positioning Bithumb for aggressive international development.
The partnership with Seriesone is more than just a technical integration; it represents a strategic alignment with regulators and institutional investors. Security tokens, which represent ownership in real-world assets such as equities, real estate, or debt instruments, require stringent compliance measures. By teaming up with a U.S.-regulated entity and appointing Kaine Kim—former Deputy Director of South Korea’s Financial Services Commission—as Managing Director for Korean and Asian operations—Seriesone is reinforcing its commitment to regulatory excellence.
This move positions Bithumb at the forefront of the tokenized asset revolution, where blockchain technology meets traditional finance. With increasing interest from institutional players, security token platforms are expected to play a crucial role in bridging legacy financial systems with decentralized networks.
Upbit Officially Launches Singapore Exchange
On October 30, Upbit, operated by Dunamu Inc., officially launched its Singapore-based cryptocurrency exchange. The new platform supports 156 digital assets and 221 trading pairs, initially enabling transactions in Singapore dollars (SGD), Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). All users who complete identity verification can begin trading immediately.
Alex Kim, former head of Kakao Indonesia, has been appointed as the leader of Upbit Singapore, bringing extensive regional experience in fintech and digital innovation. His appointment underscores Upbit’s intent to become a dominant player in Southeast Asia’s rapidly growing crypto market.
Dunamu CEO Lee Si-ri-goo emphasized that while expanding globally, Upbit will maintain its strategic partnership with Bittrex, a well-established U.S. exchange known for robust security protocols and technical infrastructure. This collaboration enhances Upbit’s ability to deliver reliable services across jurisdictions.
Initially, the exchange will support only SGD as its fiat currency. However, plans are already underway to introduce additional fiat options and expand into other Southeast Asian countries—a region with rising crypto adoption driven by mobile penetration, remittance needs, and youth engagement with digital finance.
Upbit’s entry into Singapore aligns with the city-state’s reputation as a crypto-friendly jurisdiction with clear regulatory guidelines under the Payment Services Act. By establishing a compliant presence there, Upbit strengthens its credibility and opens doors for further expansion across Asia-Pacific markets.
👉 See how top exchanges are navigating global regulations
Coinone Establishes CGEX in Malta
Just before Upbit’s launch, Coinone made headlines by announcing the creation of CGEX on October 29—a new cryptocurrency exchange based in Malta. Designed as a pure crypto-to-crypto trading platform, CGEX offers the same trading pairs available on Coinone BTC.
Deposits opened on October 29, with trading commencing the following day. What sets CGEX apart is its integrated liquidity model: it shares order books with Coinone’s existing platforms in South Korea and Indonesia. This seamless integration ensures deep liquidity pools and tighter spreads for traders across regions.
By choosing Malta—a jurisdiction known as the "Blockchain Island" due to its progressive digital asset regulations—Coinone positions itself within a well-regulated European framework while serving global customers. The Maltese Financial Services Authority (MFSA) provides oversight that enhances trust among international users concerned about security and compliance.
Coinone’s strategy highlights an emerging trend among Korean exchanges: leveraging offshore entities to offer unrestricted access to global markets while maintaining compliance with local laws. Through CGEX, Coinone not only diversifies its revenue streams but also strengthens its technological backbone by unifying trading ecosystems across borders.
Core Trends Driving Korean Exchange Expansion
Several key factors are fueling this wave of internationalization:
- Regulatory pressure: South Korea has implemented strict anti-money laundering (AML) and know-your-customer (KYC) rules, pushing exchanges to seek friendlier regulatory environments.
- Market saturation: With intense competition domestically, overseas growth offers fresh user acquisition opportunities.
- Institutional demand: Global investors are increasingly interested in high-quality trading venues with strong governance.
- Technological synergy: Partnerships with regulated fintech firms enable faster compliance and product innovation.
These moves reflect a maturing industry where early-stage speculation gives way to structured, compliant business models.
Frequently Asked Questions
Q: Why are Korean crypto exchanges expanding overseas?
A: Due to tightening domestic regulations and market saturation, exchanges like Upbit, Coinone, and Bithumb are seeking growth in more flexible regulatory environments such as Singapore, Malta, and the U.S.
Q: Is Bithumb’s U.S. platform already operational?
A: Not yet. The security token exchange is planned as a joint venture with Seriesone but awaits regulatory approval from the SEC and FINRA.
Q: Can I trade fiat currencies on CGEX?
A: No. CGEX is a crypto-only exchange. It supports trading between digital assets but does not currently offer fiat on-ramps.
Q: What makes Upbit Singapore different from other exchanges?
A: It combines Upbit’s proven trading engine with local compliance under Singapore’s Payment Services Act, starting with SGD support and plans for broader Southeast Asian expansion.
Q: Are these overseas platforms accessible to Korean users?
A: Access depends on local regulations and platform policies. Some services may be restricted based on jurisdictional compliance requirements.
Q: How do these expansions affect the future of crypto in South Korea?
A: They demonstrate a shift toward global integration and regulatory maturity, potentially influencing future policy decisions and encouraging innovation within Korea’s domestic ecosystem.