While the whole market is rejoicing the cryptocurrency bull run, Binance, one of the biggest cryptocurrency exchange platform is all set to enter the South Korean market. The news is reported by a local news portal, Korea Business but has not been confirmed by Binance.
Reportedly, the platform is planning to set up three to five local corporations this year. The entry in the South Korea market would have a massive positive impact on the exchange platform.
Binance is the largest cryptocurrency exchange platforms in the world in terms of trading volume. The Hong-Kong based exchange platform was founded in the year of 2017 by Changpeng Zhao and Yi He and has earned over $300 million in the first six months of this year. Along with planning to open its base in South Korea, Binance will be setting up its operations in Malta this year.
Moreover, the platform recently included the Korean Language to their website. The CEO of Binance, Changpeng Zhao, popularly known as CZ spoke about the importance of the South Korean market during the Blockchain Partners Summit in Seoul.
South Korea is one the biggest countries to have adopted cryptocurrency and blockchain technology. According to various sources, the majority of the investors in South Korea have invested in cryptocurrencies. The leading exchange platforms of the country are Bithumb, Korbit and Coinone. The country had legalized the use of Bitcoin during the mid of 2017 and almost 20% of Bitcoin is traded in South Korea.
It is also noted for having traded cryptocurrencies at a 30% higher rate during the peak times when compared to other countries. The hype of cryptocurrencies in the country went to such an extent that during the December high, XRP was one of the most favorable coins in the Korean market and it was ranked second on CoinMarketCap. Due to this, CoinMarketCap removed all the Korean exchanges from its platform and XRP faced a huge blow in the cryptocurrency market.
Nonetheless, South Korea began cracking down all the local cryptocurrency exchange platforms. There were even rumors that the country was going to ban cryptocurrency trading altogether and it had a huge negative impact on cryptocurrency market.
Moreover, South Korea became the hack hub of cryptocurrency exchange platforms. The biggest hack the country faced was the Coincheck hack where nearly $500 million worth NEM was stolen from the exchange platform and it is also noted as the biggest hack since Mt. Gox. The most popular exchange platform of South Korea, Bithumb was also compromised to an attack and the platform lost over $30 million.
Due to all the recent hacks, the popularity of Binance is increasing in South Korea. Binance is one of the most sought-after foreign cryptocurrency trading and exchange platform in the country. According to reports, the exchange platform could become a strong competitor for all the local Korean exchange platforms if it sets up a local community as the platform has top-notch terms of security and ICO principles.
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