Binance Planning to Launch a Crypto Exchange in South Korea

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 Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term 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.”

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 Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term 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.