BTCC Evades Korean Regulators Again with New App

South Korean regulators face a new challenge as BTCC, an unregistered cryptocurrency exchange, has found a way to resume operations in the country. According to financial industry sources, BTCC added spot trading to its existing wallet app and linked it to account information and won-deposit functions of the blocked exchange app. This move allows users to continue using their accounts without going through a separate sign-up process.

The 'BTCC Wallet' app was originally designed for storing and transferring cryptocurrency but has been effectively turned into an exchange app with the addition of spot trading. The app supports trading in over 380 cryptocurrencies, including Bitcoin, Ethereum, XRP, and Solana. It also offers perpetual futures trading with leverage of up to 500 times on these assets.

BTCC's won-deposit function using domestic bank accounts is still available, allowing users to wire won to a designated domestic bank account and have their exchange account credited with tether (USDT) for cryptocurrency trading.