Binance has become one of the most prominent cryptocurrency platforms in the world, continually making expansion efforts and introducing new features to attract the business of new customers.
Binance May Open Operations In South Korea
The world’s largest and most popular crypto-to-crypto exchange may be about to enter the South Korean market, as per a report from local news source Business Korea.
Although this was not explicitly stated by Binance executives or representatives, the appearance of the firm’s CEO at the Blockchain Partners Summit in Seoul has led others to believe that a move to make a foray into Korea may be afoot.
In the keynote address directed at conference attendees, Chengpeng Zhao, the well-known CEO and founder of Binance, accentuated the importance of the South Korean market in the cryptosphere. Zhao, or CZ as he is better known by the industry, went on to state that his firm will enrich the cryptocurrency community.
This wasn’t the first case of the firm indicating interest towards the Korean market, as last year, Binance added the Korean language to its service, allowing for the Korean users of the firm’s ecosystem to navigate services unhampered by linguistic barriers.
Additionally, the firm hired Korean citizens in the past for its expansive services and programs. Jeon Ah-rim was hired as a local Marketing Director, while Choi Hyung-won recently became the Director of Binance Labs, the firms in-house crypto and blockchain startup launchpad.
Regulatory Worries May Hold Back The Expansion Plans
Despite making moves towards South Korean operations, Binance may first have to face Korea’s heavy-handed regulatory bodies before making a meaningful entry into the Asian country.
At an earlier date in July, local media and those familiar with the matter reported that lawmakers were “racing” to create and subsequently implement rules regarding many facets of the cryptocurrency industry. It is still unclear what exactly these rules will entail, but it is likely that it will only slow the development of Binance’s Korea branch.
Additionally, as pointed out by Asia-based crypto journalist and analyst Joseph Young, the government of South Korea is looking to put cryptocurrency exchanges on the level of regulated financial firms from legacy markets.
This move, if made official by governmental bodies, would create a more strict environment for exchanges operating in the country, possibly forcing the company to make adjustments to the Korean version of its native platform.
For the first time, the gov't of South Korea will recognize crypto exchanges as regulated financial institutions.
Previously, crypto exchanges were considered as "communication vendors." Now, they are categorized as crypto asset exchange and brokerage.https://t.co/RJYYLaOLv0
— Joseph Young (@iamjosephyoung) July 5, 2018
It is still unclear how the company’s 300-person team will address regulatory concerns and requirements if the firm decides to make a whole-hearted incursion into the cryptocurrency ecosystem of South Korea.
This potential move into a new market is just one of the many which Binance has been making to continue its relentless march to become a one-stop shop for cryptocurrency investors, from anywhere in the world, at any time.
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