Binance CEO Clears Up Rumors About Re-Entering South Korean Market

Alex Dovbnya

Binance CEO Changpeng Zhao has refuted rumors about the exchange’s alleged plans to re-enter the South Korean market

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Fri, 17/06/2022 - 9:40

Binance CEO Clears Up Rumors About Re-Entering South Korean Market

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Binance CEO Changpeng Zhao has downplayed that the world’s largest cryptocurrency exchange by trading volume was preparing to return to the South Korean market in a recent tweet.

Earlier today, a local cryptocurrency media outlet reported that Zhao had announced his intention to re-enter the country at the VivaTech 2022 conference in Paris.

However, CZ claims that the exchange is merely looking into such a possibility without having any concrete plans, which makes South Korea no different from any other market. He told one of the guys who asked him for a selfie during the conference.

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The Binance boss has clarified that Binance had a joint venture partner in 2019 in the country, but it didn’t live up to expectations so the company decided to shut it down. Zhao claims that the exit wasn’t caused by regulatory issues.

Last August, Binance discontinued support for won trading pairs, payment options, and P2P merchant applications in South Korea.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.