Binance appears to be keen on entering the South Korean cryptocurrency market. The top-ranked cryptocurrency exchange platform based on trading volume has announced plans to establish about three to five enterprises in the country by the end of 2018. The plan follows the platform’s recent expansion efforts as the race for dominance in the cryptocurrency exchange market heats up.
Binance Seeks a Foothold in South Korea
Binance CEO, Changpeng ‘CZ’ Zhao, was a keynote speaker at the recently-concluded Blockchain Partners Summit held in Seoul, South Korea. During his address, CZ spoke about the allure of the South Korean market from Binance’s perspective. He also said that the platform would seek to expand its customer base in the Asian country.
So far, there has been no official statement from Binance, but a look at some of the company’s actions might provide more evidence of a desire to enter the South Korean crypto ecosystem. Just over a month after the platform’s launch in July 2017, the platform began offering its website in the Korean language. Binance has since employed a couple of Koreans into high-profile positions at the company—Choi Hyung-won as the director of Binance Labs and Jeon Ah-rim as a local managing director.
If Binance makes a move to South Korea, it will face stiff competition from other major players in what is a fast-maturing cryptocurrency marketplace. Behemoths such as Upbit, Huobi, Korbit, and Bithumb control a large share of the local market. Presently, Binance has a relatively small user base in the country.
Binance Seems Committed to Cryptocurrency Regulatory Compliance
The local crypto exchange scene in South Korea has been hit with a raft of hacks resulting in the theft of millions of dollars in cryptocurrencies. Most recently, Bithumb and Coinrail (a lesser-known platform) were hacked by cybercriminals, prompting significant investigations by the South Korean government into exchange security practices. Regulators in the country have also introduced many stringent requirements in a bid to sanitize the industry.
Binance will need to continue in its commitment to regulatory compliance if it wishes to have any hopes of being able to operate in the country. However, Binance brings with it a reputation for security and reliability that may work to its advantage.
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