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blakicious

Binance is entering South Korea

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The exchange plans to enter South Koreans market by the end of 2018 with establishment of three to five locally based enterprises.

Changpeng Zhao (CEO of Binance) has viewed South Korea to be a very important market in the emerging crypto landscape. Zhao, while giving his keynote address at the Blockchain Partners Summit held recently in Seoul, declared that Binance made a lot of positive achievements when it stocked its user base with the swiftly increasing virtual currency ecosystem in the nation.

It seems Binance has been planning this move for some time now. In August 2017, the platform started offering Korean on its website as a language option. Also, the platform hired South Koreans Jeon Ah-rim as local managing director and Choi Hyung-won as Binance Labs director.

 

South Korea is known to be one of the countries with a strict crypto regulatory framework. At the close of 2017, it government in a bid to regulate the market started with banning all ICOs. The fall in the prices of cryptos can be linked to the countless stringent measures as the impact of the negative news heard in the country scared the traders. 

Generally, Binance has very sound security measures as well as reliable protocols. The crypto exchanges in the country have faced several cyber-attacks. Just in June 2018, two South Korean-based platform (Coinrail and Bithumb) were hacked. In addition, Binance has a robust and thorough ICO token listing process. By this, the exchange might not run afoul of local regulators.

 

There are other exchanges already in Korea, such as Huobi, Upbit, Bithumb and Korbit so for Binance will be a tough time to compete against them.

 

  

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