April 24, 2024

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[THE INVESTOR] Korea’s latest cryptocurrency exchange Sunny7 was launched on Feb. 28, trading in 10 digital coins including Bitcoin, Ethereum, Bitcoin Cash, Ripple, Ethereum Classic, Qtum, OmiseGo, Status, Cardano and IOTA. 

Unlike other exchanges that are web-based, Sunny7 users can use both PC and mobile-based stock trading systems for better convenience, according to the firm. It also has coin-swapping functions. 

“Our goal is to create a safe and enjoyable trading platform,” said Sunny7 CEO Oh Kun. 

Sunny7’s arrival comes as a number of new exchanges are making their debut here. Despite the latest government crackdown that has brought down both prices and demand, cryptocurrency exchanges still view Korea as a profitable market. 

Sunny7 is in talks with local banks Shinhan and IBK to issue real-name bank accounts for traders, as required by a newly enacted rule in January. At the moment, it only offers trading between coins. 

On Jan.30, the Korean government mandated new regulations that require traders to use real-name accounts to deposit money to trade cryptocurrencies, Local banks, however, have been converting only existing virtual accounts to real-name accounts for four large exchanges here -- Bithumb, Upbit, Coinone and Korbit. 

The banks are refusing to issue new real-name accounts for other cryptocurrency exchanges, citing uncertainties and security concerns, causing a headache for new exchanges that are launching services here.

By Ahn Sung-mi (sahn@heraldcorp.com)