Binance may open a new exchange in South Korea


According to a recent report, Binance cryptocurrency platform seems to be getting ready to access the South Korean market with a local exchange that can address the local users’ cryptocurrency needs.
Though details about the establishment of a local presence are not yet revealed, it is quite likely Binance will try to work with a South Korean partner in order to obtain the necessary legal approvals and offer its services to local users.
We have to say that initially Binance reps said that they are not interested to enter the South Korean jurisdiction, but they admitted the existence of several discussions with a local fintech company. However, no other specific details reached the media.
At the same time, though many analysts tried to anticipate a reaction from Binance CEO Changpeng Zhao, up to this moment we didn’t have anything of interest.
Most probably, the idea of opening up a South Korean platform is still at a ‘work in progress’ stage and there is nothing of interest to be revealed to the market, or this new step ahead for Binance is still far from being put into practice.
If we approach the situation from a larger perspective, it’s clear that the South Korean market brings some of the most enthusiastic traders and investors anywhere and it’s just normal for a crypto exchange to look for a local presence.
Looking back at the way Binance moved throughout 2019, we can clearly see the aggressive expansion drive that pushed the most influential crypto exchange in the world to remain at the forefront of the blockchain industry and have an important say in all major developments that emerged in this space, from new projects to regulatory changes.
In 2019 alone, Binance opened local presences in both Africa and Europe permitting local users to deposit fiat in order to acquire crypto. At the same time, Binance worked very much to promote Binance DEX, its decentralized platform that can offer services to users from all over the world including those in the United States.
Nevertheless, though all these moves have created a lot of hype and publicity around Binance and its charismatic CEO, we need to emphasize that the main Binance website has remained the place that attracts the largest trading volume and liquidity at the moment.
All things aside, we are certain that once South Korean regulators become more flexible and relaxed about cryptocurrencies Binance will most certainly try to offer its services to some of the most enthusiastic traders in the world.

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