Binance to Enter South Korean Cryptocurrency Market?

According to a number of local online reports from South Korea, the world’s largest crypto exchange in terms of trading volume eyes plans for Binance to enter South Korean cryptocurrency market.

25 July, AtoZ Markets – The world’s largest cryptocurrency exchange by trading volume, Binance, is reportedly planning to enter the South Korean market. According to local media reports, the company has not provided any official commentary yet. However, the media outlets have reported this news following the Blockchain Partners Summit in Seoul. 

Binance to Enter South Korean Cryptocurrency Market?

The CEO of Binance, Changpeng Zhao, has spoken during the summit, highlighting the importance of the local market. He has noted that the cryptocurrency exchange will improve the South Korean community. He Yi, the company’s co-founder, and Ella Zhang, head of Binance Labs have also attended the summit. 

The news appears as no surprise for those, who follow the cryptocurrency market’s updates. Earlier this year, Binance has added a Korean language option on its platform. Additionally, it has hired Jeon Ah-rim as its local Marketing Director and Choi Hyungwon, Director of Binance Labs. Both of them are from South Korea. 

South Korea Plans to Transform Cryptocurrency Regulations

In addition, the country is now putting a lot of efforts into the transformation of the local cryptocurrency industry. The reports state that authorities are now moving on with changing the South Korean cryptocurrency regulations. The key purpose is to sync the regulations with that of G20 in order for easier transaction process.

The South Korean government has established a panel to look into crypto exchanges and their dealings. This move appears following the reports of multiple hacks and frauds in the crypto industry. The central bank of Korea has also released a report on using cryptocurrency as a payment method.

The new classification system in regards to the cryptocurrency and Blockchain activities has been designed by Statistics Korea, which is a division of the Ministry of Strategy and Finance.

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