Binance Plans to Enter into South Korea Market
Binance, the world’s largest cryptocurrency exchange by trading volume, is planning to enter South Korea, according to local news outlet Business Korea.
Launched in July last year, Binance is currently the largest one of its kind in terms of trading volume. After setting foot on the “crypto island” Malta, Binance is now focusing its ambition on South Korea.
Binance ready to enter South Korea
The company’s CEO Changpeng Zhao stressed the importance of the South Korean market while attending the recent Blockchain Partners Summit in Seoul, saying that Binance would enlarge its community in the market along with the rapid growth of local crypto ecosystem.
Considering South Korea’s crypto craze, Binance has been planning to enter the Korea market for long time. Earlier in last August, Binance has added a Korean language service to its cryptocurrency exchange and official website, and hired two Korean senior executives.
Could Binance meet Korea’s regulatory requirements
Binance seems to run into problems with the Asian market. In February, based in Hong Kong, the company has clashed with local securities regulators for trading cryptocurrencies which are securities without a license; later in March, Binance received formal warning from Japan for operating in the country without a license.
As one of the countries with the most regulations on cryptocurrencies, notably harsh regulations South Korea have put upon the crypto space since last year include banning anonymous trading, forbidding minors and government officials from trading and taxing crypto exchanges.
Though recently the country has acted positively by lifting the blanket ban on ICOs and treating crypto exchanges as legalized entity, the fact that local top two exchanges -Bithumb and Coinrail- were hacked in June has led local users to question the security of crypto exchanges.
“The number of South Korean Binance users is not that large yet. Still, it is one of the most favorite foreign cryptocurrency exchanges for South Korean traders. In addition, its popularity is rising with the Ministry of Justice maintaining a hard-line stance against local cryptocurrency exchanges to the point of mentioning their shutdown.”
According to industry sources, Binance is excellent in terms of security and reliability and its ICO principles are thorough and, as such, it can become a strong contender against South Korean cryptocurrency exchanges once it enriches its local community and invests in blockchain projects in South Korea.
A Binance official said whether the company will enter Korea in the future depends on progress in Korean policy. Will Binance make it in Korea and dominate the market there as they do in other countries? Leave your comment below.