one of the leading global crypto exchanges, Binance, is planning to enter the South Korean market by opening a new branch in the country.
According to sources, founder and CEO of Binance, Changpeng Zhao confirmed the exchange’s plan to expand into the new market and is already working with some local partners to ease the process.
CZ claimed that :
“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,”.“We have been discussing cooperation with BxB (a block-chain FinTech company), but we have not made any specific decisions”
According to the reports of Coindesk Korea, Malta-registered exchange has established a local entity called Binance LLC in South Korea. The exchange has appointed Jiho Kang of Korea won-backed stable coin BXB Inc. as the director of the new company.
Also, Binance is looking for a compliance officer which also confirms the exchange’s plans to expand in new Asian markets. According to the reports, the candidate must have deep knowledge on provisions of local laws, directives, regulations and understand future regulation of virtual currency policies.
On the other hand, the exchange also announced that it will launch a regulated platform for users in the U.S. The firm also has local exchanges in Singapore, Jersey, and Uganda.