Shiba Inu is now available for trade in South Korea, which is known for its strict regulations
Korbit has announced that it will list Shiba Inu, becoming the first crypto exchange to add support for the meme coin in South Korea, a country that is known for harsh crypto regulations.
The Seoul-based cryptocurrency trading platform will allow its client to exchange the meme for the Korean won starting Thursday.
Apart from SHIB, it will also add Injective Protocol (INJ), the native token of the eponymous Layer 2 decentralized finance (DeFi) protocol.
One of the few remaining South Korean exchanges
Korbit is one of the few crypto exchanges to have successfully resisted the brutal regulatory crackdown that forced small players to shut down their purchases en masse earlier this year.
Forty exchanges that failed to register with the Financial Intelligence Unit were forced to shut down in September. Trading companies that failed to secure banking partnerships and provide their clients with real-name accounts have had to turn won trading off, which means they can only make crypto-to-crypto trading easier.
Bithumb, Coinone, Upbit and Korbit are the only exchanges that are allowed to offer won trading after complying with the necessary regulatory requirements.
In June, several exchanges decided to phase out high-risk altcoins.
Apart from being the first exchange to bring Shiba Inu to the South Korean crypto market, Korbit also rolled out the first non-fungible token marketplace in the country in June.
Shiba Inu continues to fall apart
Earlier this week, Shiba Inu was also listed on Coinhako, a Singaporean exchange invested by Tim Draper.
It became available on New York-based Gemini in mid-November.
Still, the cryptocurrency shows no signs of recovering, sliding to $ 0.00003757, the lowest level since October 24, earlier today. SHIB is down about 55% from its peak on October 28, slipping to 13th place on CoinMarketCap.
The meme coin’s trading volume has so far topped $2.7 billion today.
