Top Crypto Exchange Binance Plans South Korean Launch

Asia Blockchain Review
July 26, 2019

Binance, the world’s largest cryptocurrency exchange by trading volume, has been considering the possibility of launching a South Korean branch.

According to CoinDesk, the plans were confirmed by Changpeng “CZ” Zhao, CEO of Binance, who said the company was “working with local partners,” but noted that the matter was still being discussed and details were not yet known.

A business entity called Binance LLC was recently established in the country, with Jiho Kang of BXB Inc, a firm that offers Korean won-backed stablecoin , listed as director. 

Advertising for a Local Compliance Officer

A Binance representative acknowledged discussions had taken place, but said there had been “no specific decision” so far. Nevertheless, Binance has been advertising for a South Korea-based compliance officer, thereby adding to the likelihood of an eventual launch.

The prospective compliance officer would be required to support Binance’s expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. Additionally, the candidate must have “good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons.”

 

Developing Tokens Based on Fiat Currencies

CoinDesk Korea has meanwhile raised the possibility that Binance could work with BXB in launching a Korean won-backed stablecoin on its platform. The exchange recently confirmed the development of a token tied to the British pound while noting plans are still in place for more tokens based on other fiat currencies.

In addition to its Binance.com global service, the firm also recently announced plans to launch a regulated platform for users in the United States. The exchange currently has local branches in Singapore, Jersey and Uganda.

 https://www.coindesk.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Embrace The Transformative Power Of Blockchain In Supply Chains
    In the ultra-competitive modern commercial world where time is at a premium and cost reduction is th...

    July 6, 2020

    Exclusive Interview With EMURGO Indonesia 
    ABR recently had a chat with the CEO of EMURGO Indonesia, Shunsuke Murasaki, on the traceability sol...

    July 2, 2020

    Blockchain Utopia: A Conclusion To Decentralized Governance
    We will explore the potential use of blockchain in bringing to life the concept of technological uto...

    June 30, 2020

    Karen New’s “Wish I Knew” : Unscripted
    ABR hosted a chat between DLF Holdings, Samuel Lay and a reputable serial technopreneur, Karen New o...

    June 23, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us