The most important cryptocurrency exchange by trading volume will be entering the South Korean market very soon. The information has been released by a local news portal known as Korea Business after a presentation made by Changpeng Zhao, CEO of Binance, at the Blockchain Partners Summit in Seoul between July the 21st and the 22nd.
Binance Enters the South Korean Market
Binance keeps expanding in the cryptocurrency market by entering a new country. South Korea is one of the most important countries in the cryptocurrency market. The Korean won is among the top 4 currencies traded against Bitcoin and could help Binance keep growing.
It is important to mention that this process of entering the South Korean market started some time ago when the exchange added the Korean Language service to the crypto exchange and website.
The exchange has a lot of growth potential because it has not so many South Koreans trading on its platform, which means that the trading volume could increase even more in the coming months as new individuals enter the market. At the same time, the exchange hired two Korean individuals as local marketing director and Binance Labdirector.
Binance is one of the most important exchanges in the market in terms of security and reliability. Moreover, it is compliant with several Know Your Customer (KYC) and Anti Money Laundering (AML) policies, which is very important if they want to enter the South Korean market.
South Korea, as mentioned before, is one of the most important cryptocurrency markets around the world. But the Asian country has also imposed important restrictions to those that participate in the crypto world.
Initial Coin Offerings (ICOs) have been banned, crypto-companies had to modify the way they operated just to be compliant with local rules, and foreigners couldn’t trade in South Korean platforms. Binance will be trying to be compliant with this reality and offer solutions to a market that is growing and that is asking for better platforms.
Binance has been expanding all over the world and is trying to offer fiat pairs in the near future, including US dollars, euros, and pound. In order to do so, the platform has been in contact with different governments including Malta, Bahamas and Jersey.