The Shiba Inu was traded on one of the last surviving exchanges in South Korea, which is known for its strict regulations.
Korbit has announced that it has added support for the meme coin in South Korea, a country known for its harsh crypto regulations. Shiba Inu (SHIB) It was the first cryptocurrency exchange to list it.
The Seoul-based cryptocurrency trading platform will allow its customers to trade meme coin against Korean won from Thursday.
It is also the native token of the Layer-2 decentralized finance (DeFi) protocol of the same name, alongside platform SHIB. To Injective Protocol (INJ) announced that it will add support.
One of the Few Surviving South Korean Stock Exchanges
Korbit is one of the very few crypto exchanges in South Korea that has managed to circumvent the brutal regulatory pressure that forced smaller players to shut down shops earlier this year en masse.
Forty exchanges that failed to register with the country’s FIU had to close in September. Unable to secure their banking partnerships and provide real-name accounts to their customers, trading companies have had to disable won trading, meaning they can only trade crypto-to-crypto.
Known as South Korea’s big four; Bithumb, Coinone, Upbit, and Korbit remained the only exchanges allowed to offer won trading after complying with necessary regulatory requirements.
In June, multiple exchanges in the country took action to delist high-risk altcoins. Besides being the first exchange to bring Shiba Inu to the South Korean crypto market, Korbit is also known for opening the first non-fungible token market in the country in June.
Shiba Inu Keeps Falling
Earlier this week, the Shiba Inu was also listed on Coinhako, a Singaporean exchange invested by Tim Draper. The meme coin was also made available on New York-based Gemini in mid-November.
Still, the cryptocurrency shows no signs of recovery, and earlier today it is trading near $0.00003757, its lowest level since October 24. SHIB is down nearly 55 percent from its October 28 peak and slipped to 13th place on CoinMarketCap. The transaction volume of Meme coin has exceeded $ 2.5 billion to date.