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 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.

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