Binance Eyes Launch of Crypto Exchange in South Korea

Binance is "working with local partners" on the launch of a branch in South Korea, CEO Changpeng Zhao has reportedly said.

AccessTimeIconJul 16, 2019 at 10:30 a.m. UTC
Updated Sep 13, 2021 at 11:11 a.m. UTC

Binance, the world's top exchange by trading volume, is considering launching a branch in South Korea, according to reports.

Changpeng “CZ” Zhao confirmed the possibility to local news source Block In Press on Tuesday, saying (via translation) that the firm is "working with local partners, but we do not know the details."

However, according to a report by CoinDesk Korea, a business entity dubbed Binance LLC has been established in the country, with the director listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed stablecoin.

A Binance representative reportedly told Block In Press, "We have been in discussions with BXB, but there is no specific decision."

Adding to the likelihood that a launch is on the cards, Binance has been advertising for a compliance officer for South Korea.

In a post on its website, the exchange says:

"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."

Among other skills, the candidate must have "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."

CoinDesk Korea also raises the possibility that Binance might work with BXB to launch a Korean won-backed stablecoin on its platform. The exchange recently confirmed that it's developed a token tied to the British pound and that more based on other fiat currencies are planned.

Aside from it's global service Binance.com, the exchange recently announced that it will launch a regulated platform for users in the U.S. The firm also has local exchanges in Singapore, Jersey and Uganda.

Binance image via Shutterstock

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