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Binance said to consider launching crypto exchange in South Korea

Benson Toti

The world’s largest cryptocurrency exchange, Binance, is considering launching a trading platform in South Korea, industry website Coindesk has reported, citing information from the local press.

According to a report published earlier today by Coindesk, Binance’s chief executive officer Changpeng Zhao told South Korean publication Block in Press that the company “working with local partners, but we do not know the details”.

A separate report by Coindesk Korea claimed that Binance had launched a business entity in South Korea called Binance LLC. The director of this business entity reportedly is Jiho Kang of BXB Inc, a firm that offers a stablecoin pegged to the Korean won. A representative of Binance reportedly told Block in Press that the exchange had been in talks with BXB, but no decision had been made.

In addition, Binance is looking to hire a compliance officer for South Korea.

“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. The role is based in Seoul, South Korea,” the company wrote in a job listing, indicating that the candidates with “good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies” would have an advantage.

Expanding its business

While it remains to be seen whether Binance would launch a South Korean-based platform, it’s worth noting that the company has already made a number of moves to expand its business beyond its main crypto-to-crypto trading platform. Earlier this month, the company launched its third fiat-to-crypto trading platform, based in Singapore. The other two exchanges are based in Uganda and Jersey.

Last week, Binance launched margin trading on its main platform. The company also plans to roll out crypto futures later this year.

Featured image: Grey82/Shutterstock.com

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