Binance Enters The Korean Market With New Business Entity
Binance may have taken another step toward launching a crypto exchange arm in South Korea.
On October 29, Binance entering the Korean market was confirmed after the company registered Binance Co. Ltd. with local authorities.
The new arm, which has Wei Zhou, the CFO of Binance as a co-representative, comes on the heels of suggestions that Binance intends to open a Beijing office, complementing an office in Shanghai, though it’s not to be an exchange due to local regulatory restrictions.
However, operating out of Malta, Binance has local entities in Singapore, Jersey, and Uganda, as well as a partner entity in the United States.
Likewise, Changpeng Zhao (CZ), the CEO of Binance, also told recently that the firm has plans for expansion in Russia, though that may not involve a new exchange branch.
It has been reported that Binance is going to confirm the acquisition of Binance Co. Ltd., a Korean entity, which opened this past spring by BXB Inc.
The crypto exchange said:
“Binance has incorporated corporations in several countries as part of its long-term business plan.”
Similarly, CZ told this April that Binance was looking for a “clear signal” from Korean regulators before moving in. The following month, Korean corporation Binance LLC registered in the country with no known affiliation to the crypto exchange.
Two months later, the launch of a Korean arm seemed imminent after CZ confirmed conversations with BXB Inc. which was also eyeing the issuance of its own won-pegged stablecoin.
At the same time, Binance posted a job ad for a South Korean compliance officer.
Thus, with the acquisition, it has also been analyzed that Binance will soon issue a won-stablecoin under its “Venus” project, as the crypto exchange announced its stablecoin program in August 2019.
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