SEOUL, Jan. 15 (Aju News) -- Foreign cryptocurrency exchanges are ready to warmly welcome South Korean investors with Korean-language services in preparation for their possible "coin exodus" to be caused by strong regulations.
Cryptocurrency industry officials said that international exchanges including Hong Kong-based Binance have started providing their services in Korean while some domestic exchanges plant to provide services from abroad.
Currently, the know-how of safely transferring coins to foreign exchanges shared by crypto investors is a hot topic in South Korean online communities. "People don't seem to give up. Many I know are preparing for an exodus to foreign exchanges." said"OilMagic", a user in "Clien", a domestic online community.
The quick move by foreign exchanges came after Justice Minister Park Sang-ki said last week that the government is working on legislation to ban virtual currency trading. His comment followed a series of government steps to curb a frenzy of speculative investments.
Because of widespread public jitters, the office of President Moon Jae-in quickly watered down Park's remarks, saying the government has yet to make its final decision. However, the crypto market remained rattled by panic selling and confusion.
Some investors suggested foreign services are better and safe from hacking which crippled some major South Korean exchanges last year.
"You got to move before the shXt hits the fan," warned another user "Marie". The user said that people should take actions in advance because creating an account and transferring coins via coin wallets to a foreign exchange is very simple.
To take a preemptive evasive action against the South Korean government's strong crackdown on the local cryptocurrency exchanges, some investors are eyeing on exchange services based outside the country.
According to WiseApp, a South Korean smartphone application analyzing company, the number of investors who use smartphone application for Binance's services has increased by 44 percent to 160,000, from a week ago. Hong Kong-based Binance is one of the world's top 3 cryptocurrency exchanges. It has recently started providing Korean language support.
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