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Cryptocurrency exchange Binance seeks to enter South Korea: Report

Binance, the world’s largest cryptocurrency exchange in terms of 24-hour trading volume, is planning to enter South Korea, Business Korea reported.

The company is now seeking to set up three to five local corporations this year. Speaking at the Blockchain Partners Summit in Seoul on July 21 to 22, Binance CEO Changpeng Zhao emphasized the importance of the South Korean market.


Binance has already added support for the Korean language on its cryptocurrency exchange and official website. The company has also hired Koreans – Jeon Ah-rim as a local marketing director; and Choi Hyung-won as Binance Lab director.

Launched in 2017, Binance has been actively involved in advancing the blockchain and crypto ecosystem in Malta in the past couple of weeks.

In a recent report, the Bank of Korea (BoK) stated that the outstanding balance of virtual accounts in local banks stood at 2 trillion won (US$1.79 billion) as of December 2017.

In September 2017, the Financial Services Commission (FSC) imposed a ban on all initial coin offering (ICO) related activities in the country. However, the South Korean National Assembly in May officially proposed lifting the ban on domestic ICOs.

Earlier this year, the FSC also banned cryptocurrency trading using anonymous accounts in the country in a bid to circumvent cryptocurrency-related money laundering activities. The regulator this month revealed its plans to set up a department that will exclusively focus on policymaking initiatives related to the domestic fintech and cryptocurrency industry.

By Shampa Mani
  • Market Data
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