Digital asset exchange Huobi said it would open the local currency market in South Korea.
In an announcement Monday, it would enable investors to buy and sell cryptocurrencies in South Korean currency.
However, it is unclear how it can accept investors in South Korean won currency. South Korean banks do not allow the electronic currency exchange to open virtual accounts. The only way for Huobi to accept investment is through its corporate account.
Huobi Korea is the subsidiary of the Beijing-based cryptocurrency trading exchange. It launched its South Korean subsidiary in March. Huobi said its platform facilitates the trading of 100 cryptocurrencies and 208 markets. It also announced the creation of an investor protection fund and program to help investors get compensation immediately unless the loss is not an error of investors.
