Crypto exchange Binance is preparing to enter the Korean market for the first time. Binance KR will be launched on Binance Cloud and offer the “market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.”
According to a company blog post on March 31, the Binance will soon open Binance KR for trading. The exchange will also support Binance KRW (BKRW), a stablecoin backed by the South Korean Won (KRW). Users can trade in Bitcoin (BTC), Ethereum (ETH), and the firm’s signature Binance Coin (BNB).
By supporting stablecoins, Binance KR will allow Korean traders to easily convert their country’s fiat currency into BKRW. The launch of Binance KR comes right on the heels of the crypto exchange announcing the purchase of fintech firm BxB, the ones behind KRWb, the world’s first KRW-backed stablecoin.
Jiho Kang, CEO of Binance Ltd., said:
“We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”
Binance KR will open for registration and deposits on April 2 at 10:00 AM KST, with trading being allowed from April 4. Withdrawals will not be available until April 9.