Binance Begins Setting Operations in South Korea

Jul 24, 2018 at 22:11

Virtual currency exchange Binance is starting to make its presence felt in South Korea as part of its broader plans to widen its global scope.

One of the world’s top virtual exchange in terms of market cap, Binance has been hiring executives in the East Asian country and is considering establishing three to five local corporations within 2018, according to a report by  Korea.

This appears to be the one of the reasons why the firm added Korean language support on its primary exchange portal, aside from the fact that Binance has become a popular and favorite foreign exchange among South Korean users.

Just over the weekend, Binance founder Changpeng Zhao was reportedly the keynote speaker at the Blockchain Partners Summit in Seoul. In his speech, the billionaire-CEO stressed the significance of the South Korean market.

Binance’s entry into the East Asian market comes at a time when the country is eyeing to draw up a law that will regulate the cryptocurrency sector.

However, the firm seems bent on pushing through with its global expansion notwithstanding looming regulatory headwinds in South Korea. Recently, it revealed that it has also penetrated Africa with the launch of its first fiat-trading cryptocurrency exchange in Uganda.