Binance,the leading Decentralized exchange is entering South Korea’s cryptocurrency landscape. The platform came into existence during July 2017, since then it stand with the largest trading volume till date.
In accordance with the report, Binance has already initiated hiring the executives in South Korea. They have lined the plan to establish three to five enterprises before 2018 in the East Asian countries.
Binance Trade Diversification
On July 21-22, the CEO of Binance, Changpeng Zhao attended the Seoul’s Blockchain Partners Summit. During his speech, he emphasized the significance of the South Korean market, mentioning that his firm would enrich its community with the market.
"Any country who is pro-ICO can attract direct foreign investment. Any country that does not allow ICOs is missing out…big time." by @cz_binance @binance @chiliZ at the @BABI_Finance Blockchain Partners Summit in Seoul. @SilvioSchembri pic.twitter.com/LKm8hSF5kE
— Alexandre Dreyfus (@alex_dreyfus) July 23, 2018
Earlier, the company added the support for Korean language service on its primary exchange portal. They hired Koreans
- Jeon Ah-rim, formerly worked for Chain Partners, which is among the initial blockchain company builders in South Korea is hired for the position of local marketing director
- Choi Hyung-won who established his career at Bain & Company and Oliver Wyman is hired for the position of Binance Lab director.
Although, the number of Binance users in South Korea is not much. Still, it is amongst the most chosen foreign cryptocurrency platform for traders in South Korea.
In the previous month, Binance also launched its first fiat-trading cryptocurrency platform in Uganda.
In addition, its market is growing with the Ministry of Justice handling a hard-line against other local cryptocurrency platforms.
According to some industry sources, this company has the perfect security and reliability services, also its ICO principles are clear and flexible. Therefore, it stands as a strong contender against Korean cryptocurrency platforms. Just the need is to enhance its local community and invests in South Korean blockchain projects.
The Ongoing Competition in South Korean Cryptocurrency Market
Despite the strict regulatory conditions in Korea; the market competition is still fierce. Although Binance doesn’t hold majority local users. It seems that the platform will need to compete with the existing crypto giants.
Recently, in April, Huobi also shifted to South Korea, offering 100 distinct trading pairs for local traders. All the platforms are doing their best to come out of the crowd.
In the recent report, the Bank of Korea (BoK) mentioned that the excellent balance of digital accounts as of December 2017 in local banks was counted at 2 trillion in profits (US$1.79 billion).
The Phases Inlined with the Planning
Binance initiated its plan to enter the Korean nation when lawmakers of the country forwarded the legislative bills for cryptocurrency regulation and legalized the initial coin offerings under supervision.
Back in September 2017, the financial regulators in South Korea banned the ICO’s. Earlier this year, Hong Eui-rak, a Democratic Party representative gathered the support of the Parliament lawmakers and announced a bill for legalizing the ICOs.
In May, National Assembly of South Korea established its official recommendation allowing domestic ICOs in the country.
There’s also some news that the Korean financial regulator is planning to set up a new policy-making body focused on cryptocurrency and blockchain technology.
What do you think about the Binance’s decision to enter South Korea? Do you think the platform will be able to master its motive? Share your thoughts Twitter