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Binance Planning to Launch a Crypto Exchange in South Korea

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Binance, one of the largest global crypto exchanges by volume, is eying to enter the South Korean market by opening a new branch in the country.

According to the local news outlet Block In Press, Changpeng “CZ” Zhao confirmed the exchange’s plan to expand into the new market and is already working with some local partners to ease the process.

CZ reportedly said that the company does not know the details of the establishment of the new office in South Korea.

However, a global representative of Binance denied the news in the report, claiming that Binance team has not decided to date whether or not to establish a Korean subsidiary. Specifically, the unnamed representative clarified that Binance has been in talks with South Korea-based fintech firm BxB, but they have not made any specific decisions so far.

Another Binance spokesperson said that a local branch in South Korea is not currently under consideration, according to a report by crypto media outlet The Block.

Previously, Binance CEO hinted at a potential expansion to South Korea at the Blockchain Partners Summit in Seoul on July 2018. At the time, CZ highlighted the importance of the South Korean market and said that Binance would contribute to help grow its cryptocurrency industry.

Recently, major global exchange Huobi officially announced plans to expand operations to Turkey, where 20% of residents are reported to hold some form of crypto.

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