Binance, which is the world’s leading cryptocurrency exchange is making plans to enter into the South Korean market. Until now, Binance hasn’t made any kind of announcement, but local Korean media has described if by considering the Blockchain Partners Summit in Seoul. The event was held on July 21st and 22nd.
Binance is planning to enter the South Korean Crypto market with the help of some of the locally based companies and ventures until the end of the year.
Changpeng Zhao, who is the CEO of Binance lately spoke at the Blockchain Partners Summit in Seoul, South Korea, and highlighted some of the important points about the South Korean market. He also illustrated that the cryptocurrency exchange will expand its community.
Zhao also discussed that how Binance would effectively benefit from its expansion into the South Korean market and plans to collaborate with 3-5 local firms until the end of 2018 to enter the market. Binance is also trying itself to launch its services in Korea and the firm has also provided its website’s Korean translated version back in August 2017.
South Korea is one of the biggest crypto trading nations in the world, so Binance is trying hard to become the best crypto exchange in South Korea. Despite they might face difficulty to open its exchange in Korea, there are various ways by which they can provide their services for the benefit of cryptocurrency industry.
Binance agrees with local crypto regulations
When we talk about crypto rules and regulations, South Korean crypto markets are one of the most strictly restricted markets in the world. A proper regulatory framework has been made, hence all the crypto firms have to follow these rules to enter the market.
In Q4 of 2017, the nation started to create new crypto regulations which begin with a ban on ICO projects. These strict rules which were taken by the Korean crypto governing bodies resulted in an instant drop in cryptocurrency prices, hence experts guessed there will be an end and the slow death of crypto in Korea. Due to these rules, there had been a great loss to the cryptocurrency industry which is now been recovered.
Mostly, Binance has maintained a good record when it comes to security and its protocols. The only concern here is the cyber-attacks. At some point, most of the crypto exchanges have experienced cyber-attacks. Moreover, two popular Korean crypto exchanges, Bithumb’s and Conrail have experienced hacking this year.
Binance follows a step-by-step process for ICO listing, this means that exchange will not have any trouble while dealing with Korean exchange. Any attempt to enter into the crypto market will be quite easy for such a valuable company.
However, there is not any idea how Binance will enter into the South Korean crypto market, it is exciting to see how it enters the market until the end of 2018.