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Is Binance Launching a Branch in South Korea?

Questions of whether or not Binance will open a subsidiary firm in South Korea or if it will collaborate for a Korean-won-backed stablecoin have surfaced.

World’s largest cryptocurrency exchange by trading volume Binance is reportedly looking to expand its market. This time in South Korea.

A Block in Press report said Binance CEO Changpeng Zhao has confirmed that the company is in talks with local partners but did not reveal specific details as to whether the firm will open a branch in the country.

The report also quoted a Binance representative, saying:

“We have been discussing cooperation with BxB (a blockchain FinTech company), but we have not made any specific decisions. We have not decided whether or not to establish a Korean subsidiary.”

Reports showed that the firm BxB mentioned is a company that offers a Korean-won stablecoin whose Ji-ho Kang is listed as a director of a business entity in South Korea named Binance LLC.

Meanwhile, a Coindesk report pointed out a job posting from Binance, which recently celebrated its second anniversary, for a compliance officer to be assigned in Seoul, South Korea.

This strengthens the possibility of Binance working with BxB for a Korean won-backed stablecoin and of launching a subsidiary firm in the country.

News of Binance expanding to South Korea follows reports that the top cryptocurrency exchange is launching a regulated trading platform to cater to US customers.

At press time, Binance Coin (BNB) trades against USD at $25.94, with a 9.4-percent drop in the past 24 hours.

| RELATED: Binance Coin (BNB) Gets Listed on KuCoin Exchange


Coin Choose is a dynamic crypto-journalist known for his sharp insights and lively writing style. With a background in investigative journalism and a knack for demystifying the complex world of cryptocurrencies, CC brings a fresh, engaging perspective to the crypto news landscape. His personal motto, "Decrypting crypto, one story at a time," perfectly encapsulates his approach: tackling the complexities of cryptocurrency with clarity, enthusiasm, and a hint of playful curiosity.

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