Binance is coming to getting ready to enter South Korea. The East Asian country’s last two months have been incredibly volatile when it came to cryptocurrencies. From attacks on the South Korean exchanges in June, to the South Korean government recognizing Crypto exchanges as financial institutions in early July.
Now that the groundwork has been laid out, Binance – the world’s largest exchange by trade volume is getting ready to enter the South Korean markets. Being extremely active and seeing more than $500 million worth of cryptocurrency traded every day, this is an unpassable opportunity for Binance.
Changpeng Zhao, the CEO of Binance attended the Blockchain Partners Summit in Seoul on the 21st and 22nd of July. He was put a heavy emphasis on how important the South Korean market is and expressed his desire for Binance to further enrich its community in the market.
This move is without a doubt happening because of the South Korean government’s decision to recognise all crypto exchanges as financial institutions earlier this month. Earlier this year saw many trading crackdowns which quelled the trade volumes due the inability of exchanges to offer anonymous trading. This wasn’t favourable even to local exchanges since in May, Upbit – one of Korea’s leading crypto exchanges was raided by police under fraud suspicion.
Binance has patiently waited for the right time to enter the markets
This ease of regulations is very welcome to Zhao since he experienced strict government control first hand. After starting to operate on mainland China in 2017, he was forced to move operations to Japan since the Chinese government banned cryptocurrency trading.
Even with the lowered regulations this doesn’t mean Binance will have an easy time in South Korea. On the contrary, they will face fierce competition since the market is growing extremely fast and exchanges like Bithumb and Upbit already have the first-move advantage.
Binance is famous for its security and this can be very welcomed in Korea after the attacks which shook the markets. Stability is always welcome and a strong contender against local crypto exchanges can further raise the level of competition and in turn security and efficiency of the markets. If South Korea continues its crypto-friendly politics, the market potential is limitless.
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