Binance continues its expansion around the world by entering the South Korean market. Crypto companies and firms are always searchings for new places where to operate and South Korea is a large market for crypto enthusiasts, investors and consumers. However, Binance is going to be offering solutions to individuals in this country through the Binance Cloud solution that was unveiled last month.
Binance to Enter the South Korean Market
According to an official press release uploaded by Binance, they are going to be offering crypto solutions to users in South Korea through the Binance Cloud. Binance will be offering the core functionalities of its exchange to South Korean users. These functionalities include the spot trading liquidity, the matching engine and security.
In addition to it, the crypto exchange decided to be supporting the Binance KRW digital asset. This is a stablecoin that is backed by the local fiat currency, the Korean Won (KRW). This is going to make it easier for users to exchange digital assets in the platform.
The exchange is going to be called Binance KR and it will also offer support to Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB). Furthermore, the exchange informed they are also going to be adding support to Tether (USDT) and Binance USD (BUSD).
About the new exchange, Changpeng Zhao, the CEO of Binance, commented:
“We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services.”
The exchange will be ready for registration and deposits on April 2, 2020, open for trading on April 4, 2020, and ready for users to withdraw their funds on April 9, 2020.
Binance has been working in order to reach a large number of users around the world. Most of these users are from different markets and jurisdictions. In the last years, the team behind Binance offered a large number of new services and products to its clients.
Expanding into South Korea is another key step for Binance to become the largest exchange around the world. As mentioned before, South Korea is an important market for the crypto community. The government has created several laws in order to better regulate the crypto space.