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Binance, Biggest Crypto Exchange, to Expand to South Korea

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Tue, 07/24/2018 - 12:48
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Yuri Molchan
Binance intends to compete with local crypto exchanges
Binance, Biggest Crypto Exchange, to Expand to South Korea
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By the end of 2018, the largest by the number of transactions crypto broker Binance intends to open around five branches in South Korea.

Binance’s serious intentions

The exchange’s CEO Changpeng Zhao, believes that the South Korean market is important for the whole sphere of digital assets. During his recent speech in Seoul at a Blockchain summit, he stated that his company would gain much by rolling out to this country and enlarging here its user-base.

Back in summer 2017, Binance launched a version of its website in Korean. Two recently hired top-ranking employees, the local managing director and the head of Binance Labs are also from South Korea.

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Binance and Korean regulatory measures

South Korea is known for its strict regulatory measures for digital assets. In 2017, the local authorities laid a ban on ICOs. The tight control measures that followed made the prices of crypto coins drop all over the world.

However, Binance has been keeping its security system updated. If local Korean exchanges, Coinrail and Bithumb, have been recently hacked and lost money, Binance has been fine.

Besides, it properly checks any ICO campaign before listing its tokens. So, experts believe, the exchange should not have any problems falling out with the local regulatory agencies.

Tough competition

Despite the presence of harsh regulatory framework, competition between crypto trading platforms in the South Korean market segment is still rigorous. Binance would have to face contests with such ‘monsters’ as Upbit, Huobi, which has also moved to this country in spring, and many others.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.