Binance to extend crypto trading in South Korea


July 16, 2019 | AtoZ Markets – Malta-based Binance cryptocurrency exchange is planning to establish a cryptocurrency exchange in South Korea. According to Bin Feng Xinfeng Zhao, the founder and head of Binance exchange told reporters in an interview with the block in press that the team is working with local partners. 

Another sources claimed that a company with the name Binance LLC has already been registered in South Korea. Binance have been working with a company that issues a Korean won-backed stablecoin.

Binance to establish office in South Korea

As of now, Binance founder Zhao failed to disclose more details about the event, however, Coindesk reports that the move is not just a rumor, but one that has passed its infant stage.

For instance, the report said that a company with the name Binance LLC has registered in South Korea with Jiho Kang of BXB Inc, a stablecoin issuing company listed as the director.

Also, a job listing on the Binance Careers web page has also done little confirmation for the possibility to expand their reach in South Korea. The cryptocurrency exchange is now looking to hire compliance officer. The job listing states that: “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 company expects the potential applicants should have a good knowledge of provisions of local laws, directives, regulations and otherwise standards applicable to subject persons. Additionally, they expect the applicant to have basic idea of upcoming regulation of virtual currency policies. 

Read more: Binance wants Facebook Libra on its list

If this happens, South Korea will become one of the newest country where Binance had launched a office in recent times. In 2019, Binance has already setup their offshoots in Uganda, Singapore and the U.K (Binance Jersey)

Furthermore, the firm also launched a decentralized crypotcurrency exchange and announced plans to launch Binance office in the United States, However, the country’s subsidiary would comply with seemingly tough local regulations.

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