South Korea’s Top 3 Crypto Exchanges Expand Overseas

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South Korea has long been a powerhouse in the global cryptocurrency market, known for its tech-savvy population and high trading volumes. Now, the country’s three largest digital asset exchanges—Upbit, Coinone, and Bithumb—are shifting their focus beyond domestic borders. With increasing regulatory scrutiny at home, these platforms are pursuing international expansion to tap into new markets, diversify operations, and build compliant, globally accessible trading ecosystems.

This strategic pivot marks a significant evolution in South Korea’s crypto landscape. As local regulations tighten around anti-money laundering (AML) and know-your-customer (KYC) requirements, these exchanges are leveraging their experience, technology, and brand recognition to establish footholds in more crypto-friendly jurisdictions.

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Bithumb Launches U.S.-Based Security Token Exchange

On October 31, Bithumb, one of South Korea’s most prominent crypto exchanges, announced a major move into the United States market through a partnership with Seriesone, a U.S.-based fintech firm specializing in digital securities.

Under the agreement, Bithumb is investing in Seriesone’s Korean entity to scale technological development and marketing efforts. More significantly, the two companies will form a joint venture to launch a regulated U.S. exchange focused exclusively on security tokens—digital assets that represent ownership in traditional financial instruments like stocks, bonds, or real estate.

“Bithumb and Seriesone will establish a new exchange in the U.S. that will be fully compliant with SEC, FINRA, and other regulatory bodies,” Seriesone stated.

This development positions Bithumb at the forefront of bridging blockchain innovation with institutional finance. Security tokens are gaining traction as they offer programmable ownership, fractionalization, and 24/7 settlement—features that appeal to both investors and issuers.

Notably, Bithumb recently underwent a leadership transition after being acquired by BK Global Consortium, a Singapore-based investment group. BK Global purchased a controlling stake (50% + 1 share) from BTC Korea Holdings, which previously owned 75.99% of the exchange. This change in ownership appears to have accelerated Bithumb’s global ambitions.

To strengthen its international compliance posture, Seriesone appointed Kaine Kim, former Deputy Director of South Korea’s Financial Services Commission (FSC), as Managing Director for Korea and Head of Asia Operations. His expertise in financial regulation adds credibility to the project and signals a serious commitment to regulatory alignment.

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Upbit Goes Live in Singapore

Just one day before Bithumb’s announcement, Upbit, South Korea’s largest cryptocurrency exchange by trading volume, officially launched its Singapore-based platform on October 30.

Operated by Dunamu Inc., Upbit has partnered with Bittrex in the past to power parts of its infrastructure. Lee Si-ri-goo, CEO of Dunamu, emphasized that while expanding globally, Upbit remains committed to strengthening this collaboration.

The new Singapore exchange is led by Alex Kim, former head of Kakao Indonesia, bringing strong regional leadership to the initiative. Initially, the platform supports only one fiat currency: the Singapore Dollar (SGD). However, plans are already underway to introduce additional fiat pairs and expand into other Southeast Asian markets.

Currently, users can trade using SGD, Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The exchange welcomes all users who complete identity verification—a standard KYC process aligned with Singapore’s strict regulatory framework under the Monetary Authority of Singapore (MAS).

With 156 cryptocurrencies and 221 trading pairs available at launch, Upbit Singapore offers deep market access and liquidity. This positions it as a competitive player in Southeast Asia’s rapidly growing digital asset ecosystem.

The choice of Singapore is strategic: the city-state has emerged as a leading hub for fintech and blockchain innovation in Asia, offering clear regulatory guidelines and strong investor protection—making it an ideal launchpad for Korean exchanges seeking legitimacy abroad.

Coinone Establishes CGEX in Malta

On October 29, Coinone became the first of the three to announce its international move by launching CGEX, a new cryptocurrency exchange based in Malta—often referred to as the "Blockchain Island" due to its progressive crypto policies.

CGEX operates as a pure cryptocurrency-to-cryptocurrency (crypto-only) exchange, offering the same trading pairs available on Coinone BTC. Deposit and withdrawal services began on October 29, with live trading commencing the following day.

According to Coinone:

“The new exchange will share order books with Coinone’s BTC market, ensuring deep liquidity. CGEX will integrate with Coinone’s services in South Korea and Indonesia to provide a stable and seamless trading experience.”

This shared liquidity model allows CGEX to offer competitive pricing and fast execution without relying solely on organic volume growth. By connecting its global platforms under a unified infrastructure, Coinone enhances efficiency and user trust.

Malta’s supportive regulatory environment, governed by the Malta Digital Innovation Authority (MDIA), makes it an attractive base for crypto firms aiming to serve European and global clients while maintaining compliance.

Coinone’s move underscores a broader trend: Korean exchanges are not just going global—they’re building interconnected ecosystems that span continents while adhering to regional regulations.

Frequently Asked Questions (FAQ)

Q: Why are Korean crypto exchanges expanding overseas?
A: Increasing domestic regulations around AML and KYC compliance have prompted exchanges to seek growth in more flexible jurisdictions. International expansion allows them to diversify revenue streams and access larger investor bases.

Q: Are these overseas platforms available to Korean users?
A: While Korean residents may access some services, strict local laws often require separate compliance frameworks. Most international platforms target global users outside South Korea.

Q: What are security tokens, and why is Bithumb focusing on them?
A: Security tokens represent ownership in real-world assets like equity or debt. They’re regulated similarly to traditional securities but offer blockchain benefits like transparency and automation. Bithumb’s focus reflects growing institutional interest in tokenized assets.

Q: Is Upbit Singapore regulated?
A: Yes. Upbit Singapore operates under Singapore’s Payment Services Act and complies with MAS requirements for digital payment token services, including AML/CFT measures.

Q: How does CGEX differ from Coinone’s main platform?
A: CGEX is crypto-only (no fiat support) and based in Malta for EU/global access. It shares liquidity with Coinone BTC but serves international users under different regulatory oversight.

Q: Will these expansions lead to more stablecoin adoption?
A: Likely. All three platforms support major stablecoins like USDT. As cross-border trading grows, stablecoins become essential for hedging volatility and facilitating seamless value transfer.

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Core Keywords

As South Korea’s top exchanges navigate evolving regulations and competitive pressures at home, their overseas ventures represent more than just geographic growth—they signal a maturation of the country’s role in the global blockchain economy. By building compliant, interconnected platforms across Singapore, Malta, and the U.S., Upbit, Coinone, and Bithumb are positioning themselves as key players in the next era of digital finance.