Binance plans to extend its services to South Korea; To Launch New Exchange

Binance, Malta-based largest cryptocurrency exchange of the world by trading volume plans to offer its services in South Korea by launching a new exchange.

The development news was recently revealed by the top crypto exchange firm, Binance.

CEO of Binance, Changpeng Zhao unveiled its exchange plan to extend its services into a new market and to simplify the process it is currently collaborating with local associates, local news outlet, Block In-Press mentioned about the news on Tuesday.

Binance CEO Zhao stated,

“We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details.”

Later Binance spokesperson informed that Binance exchange is thinking of working with a blockchain FinTech company, BxB and is discussing with the firm, it has not taken any particular decision on it. We have not considered whether to establish a branch in South Korea or not.

Zhao told that the exchange firm is doesn’t know about the establishment details of its new headquarter in South Korea.

Binance Exchange is working on its plan

One of the crypto sources reported that the top cryptocurrency exchange of the world has set up Binance LLC, the local entity in South Korea.  Binance crypto exchange has recruited Jiho Kang of BXB, as the director of the new Binance office. BXB is a fintech company that provides Korean won-backed stablecoin.

Spokesperson of Binance spoke to Block In Press and said that the exchange is speaking with BXB fintech firm, but the proper decision has not been taken.

Earlier Zhao indicated significant expansion of its services in South Korea, during the Blockchain Partners Summit held at Seoul in July last year. During the summit, Zhao emphasized on the significance of the South Korean market. He also mentioned that the exchange will invest in helping its cryptocurrency exchange to scale.

Binance seeking to hire a compliance officer

On the other side, the cryptocurrency exchange is seeking a compliance officer in South Korea. This indicates the firm’s possibility of launching a new office in South Korea.

The new job post was mentioned on Binance’s website, that reads as follows,

“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding, and AML/CFT. The role is based in Seoul, South Korea.”

The candidate applying for the post should meet the qualification criteria and should have additional qualities; the exchange stated the additional qualities,

 “Good knowledge on provisions of local laws, directives, regulations, and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

Binance’s other developments

Binance is expanding its services to other parts of the country. In June, Binance successfully launched its crypto exchange platform in Singapore. It further continued with its development plan by launching similar kind of fiat-based services in Uganda and Jersey.

Earlier, the news was circulating that Binance is planning to open a crypto-based trading platform in the peninsular nation; however, the report was declined by the exchange spokesperson.

Addition to this development, Binance is working to include new services to its crypto trading platform.  Binance is also considering joining the crypto futures market with a fresh platform.