Binance, one of the largest global crypto exchanges by volume, is eying to enter the South Korean market by opening a new branch in the country.
According to the local news outlet Block In Press, Changpeng “CZ” Zhao confirmed the exchange’s plan to expand into the new market and is already working with some local partners to ease the process.
“We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details,” Zhao said.
“We have been discussing cooperation with BxB (a block-chain FinTech company), but we have not made any specific decisions,” a spokesperson of the exchange said. “We have not decided whether or not to establish a Korean subsidiary.”
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Already in action
Coindesk Korea, however, reported that the Malta-registered exchange had established a local entity called Binance LLC in South Korea. The exchange has appointed Jiho Kang of Korean won-backed stablecoin BXB Inc. as the director of the new company.
In addition, Binance is looking for a compliance officer for its Seoul team, which also confirms the exchange’s plans to expand in new Asian markets.
“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. The role is based in Seoul, South Korea,” the job post stated.
Earlier this month, Binance launched a fiat-crypto exchange in Singapore following the launch of similar fiat-based services in Jersey and Uganda. Though it was previously suspected that the exchange is aiming to open a fiat-crypto trading exchange in the peninsular country, the spokesperson of the exchange squashed the claims.
Meanwhile, the exchange is also on a spree to add new services to its crypto trading offerings. The exchange already handled $1.7 billion worth of crypto trades in spot trading market and launched a margin trading platform recently. It is also planning to enter the crypto futures market with a new platform.