Binance Plans to Enter South Korea

Binance, the world’s largest cryptocurrency exchange by trading volume, is purportedly about to enter the South Korean market. 

Binance Expanding to South Korea

The world’s most popular cryptocurrency exchange is supposedly planning to continue its expansion by entering the South Korean market, according to Business Korea. While the company hasn’t made an official announcement yet, the local Korean media has reported it following the Blockchain Partners Summit in Seoul. The event took place on July 21 and 22.

Binance’s CEO, Changpeng Zhao, held a keynote speech, outlining the importance of the local market. He also noted that the cryptocurrency exchange will enrich its community. Present at the event were also He Yi, the company’s co-founder, and Ella Zhang, head of Binance Labs.

A Logical Follow-Up

The news comes as a logical step, given the company’s business trajectory. Binance added a Korean language service earlier this year. It also recently hired Jeon Ah-rim as its local Marketing Director and Choi Hyungwon, Director of Binance Labs – both from South Korea.

Furthermore, the country is making serious efforts to catalyze the cryptocurrency industry.

Earlier in July, South Korea moved to recognize cryptocurrency exchanges as legal entities, cementing their overall position in the local economy.

Shortly afterward, the country’s Financial Services Commission (FSC) announced the formation of a dedicated cryptocurrency division, devoting more resources to regulating the field. The Financial Innovation Bureau (FIB), as the new structure is dubbed, is tasked to respond to the “new developments and challenges such as cryptocurrencies.”

Binance’s move to South Korea is also good news for South Korea’s business environment. The company has a record of stimulating local blockchain-based initiatives. Earlier in June, Binance invested an unknown amount in Malta-based blockchain ESports Company.

What do you think of Binance’s alleged plans to expand to South Korea? Don’t hesitate to let us know in the comments below! 

Images courtesy of Shutterstock.

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Written by Georgi Georgiev @ July 24, 2018 Georgi Georgiev

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