Binance Cryptourrency Exchange will Launch in South Korea
As it became known, the largest cryptocurrency exchange in terms of trading volume - Binance, plans to enter the South Korean market. According to the report for Business Korea, the company is already looking for managers. In 2018, it is planned to open from three to five representative offices of the trading platform in the country.
At the blockchain partners summit which took place in Seoul on the weekend, Binance CEO Zhao Changpeng said that the South Korean market is very important for their company. Last year Korean language was added on the exchange. In addition, serious staff changes took place. In particular, new managers were appointed to the position of director of Binance Labs, the social insurance fund and the head of internal marketing. Less than a month ago, the crypto exchange announced its expansion towards the African continent. So, the crypto exchange was launched in Uganda.
We note that the expansion of the company to South Korea occurs at a time when the government of the country adopts bills related to the regulation of the cryptocurrency market and the legalization of the initial coin offering.
Back in September last year, financial regulators from South Korea followed the example of China, in the issue of banning the ICO. However, this year, a representative of the ruling Democratic Party - Hung Ayi-rak, received support from other legislators in parliament. As a result, a draft law was submitted aimed at legalizing the initial coin offering. In addition, the National Assembly of South Korea was adviced on the authorization to conduct an ICO in the country.
The financial regulator of South Korea also considers certain rules that will allow the government to regulate internal cryptocurrency processes.