Popular meme coin and taunted Dogecoin killer Shiba Inu, is launching on a South Korean exchange soon. Korbit, a South Korean exchange, announced that it will list the ‘joke coin’, becoming the first exchange to add support for SHIB, while the meme coin became the first meme coin to be traded in the country.
With SHIB added to the platform, it means that customers can trade the coin against the Korean currency starting from November 25. Korbit also plans to add support for Injective Protocol, the token of the eponymous DeFi protocol.
SHIB Gets Listed Amid South Korea’s Tight Crypto Regulations
SHIB getting listed on an exchange based in a country like South Korea isn’t only a breakthrough, but commendable. Like China, the country is renowned for its tough crypto regulations, and has driven several crypto companies away from its jurisdiction.
Korbit is one of the few crypto exchanges that has managed to remain relevant and functional amid a clampdown that has driven its competitors out of business. Korbit fulfilled all the requirements, as stipulated by the country’s regulatory commission.
In September, South Korea’s Financial Intelligence Unit shut down about forty exchanges that didn’t register with the unit. According to the FIU, these companies were meant to secure banking collaborations and allow their customers to open/use real-name accounts.
The Financial Services Commission once fired a warning shot to crypto exchanges about the possibility of a shutdown if they didn’t abide by the new regulatory infrastructure that had been laid out in June. However, smaller exchanges objected to the requirements because they feared the requirements would push them out of business.
They also opined that the requirements were a ploy to monopolize the market in favor of some exchanges. The intention of the requirements was to protect customers’ assets, primarily those held in small crypto exchanges.
The FIU restricted these companies to only crypto-to-crypto trading, while it disabled won trading. Korbit, alongside Bithumb and Upbit are the only exchanges to survive the clampdown, as they complied with all the requirements of the FIU.
SHIB Has Been Listed Previously on Exchanges
This same week, Singaporean exchange Coinhako listed the Shiba Inu. In mid-November, popular New York-based platform Gemini, made SHIB available for trading.
Despite the good news, SHIB continues to falter in the market with no signs of recovery. At press time, the canine coin is trading at $0.00003757, a record low since October 24.
According to CoinMarketCap, the meme coin posted a trading volume of $2.7B today. It’s now placed 13th on the list of most valuable cryptocurrency by market capitalization.