Binance Hints At Launching A Crypto Exchange in South Korea

by | Jul 17, 2019 | Cryptocurrency, Cryptocurrency Exchanges, Cryptocurrency News

Binance | Cryptocurrency | Cryptocurrency Exchange | South Korea

Binance, the world’s top exchange by trading volume is planning to launch a branch in South Korea, as per the report from the local news source Block In Press on 16 July. 

As per the publishing, the CEO of Binance, Changpeng “CZ” Zhao hints at the possibility that the firm is “working with local partners, but we do not know the details.” Though a report by CoinDesk Korea suggests that a business entity named Binance LLC has been already established in the country. 

The listing names Jiho Kang of BXB Inc. as its director and describes that the firm offers a Korean won-backed stablecoin. A Binance representative reportedly stated to the publishing, “We have been in discussions with BXB, but there is no specific decision.”

Binance’s advertisement for a compliance officer for South Korea further indicates the likeliness of the launch. The exchange adds in the said post on its website

“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 candidate must also have “Good knowledge on provisions of local laws, directives, regulations and otherwise, standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

Per CoinDesk Korea Binance might have collaborated with BXB for a Korean won-backed stablecoin on its platform. Just recently, the exchange announced the development of a British pound-based token and that more tokens based on other fiat currencies are planned. Along with its global service, the exchange will be launching a regulated platform for users in the U.S. As of now the firm has local exchanges in Singapore, Jersey, and Uganda.

The exchange also introduced an upgrade to its mainnet, Binance Chain. Dubbed as Galileo, the latest iteration is v.0.6.0 and includes four major changes have been implemented in Galileo: the matching engine has been revised with “Taker” and “Maker” matching logic, Binance Chain token assets can now be time-locked and state sync options have been enhanced, trading pairs on Binance’s decentralized exchange, Binance DEX can be delisted. 

Read more: Canadian Town Gears Up To Allow Bitcoin Payments For Property Taxes

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