BTCC Evades South Korean Regulators via Wallet App

BTCC, an overseas cryptocurrency exchange previously blocked in South Korea for operating without registration, has resumed business in the country via its 'BTCC Wallet' app. The wallet app, which was originally used for storing and transferring cryptocurrencies, was updated to include spot trading functions.

The update allows existing BTCC users to link their accounts to the wallet app, enabling them to trade more than 380 cryptocurrencies with up to 500 times leverage. The app also supports won deposit services using domestic bank accounts, allowing users to transfer funds directly into their account.

Regulatory officials have expressed concern that after-the-fact blocking at the app level may not be effective in preventing operators from finding workarounds. An industry official stated that 'regulatory gaps can keep recurring' as regulators struggle to track down and block each new app or service format the operator switches to.

BTCC's resumption of services through the wallet app comes just two months after its main exchange app was blocked on Google and Apple app markets in Korea. The company has been operating in South Korea since last month, offering spot trading in Bitcoin, Ethereum, XRP, Solana, as well as perpetual futures.