Binance Enters South Korea, Japanese Regulators Approve OkCoin Launch

crypto exchange launch in japan and south korea

  • Binance is launching it’s crypto exchange in Korea, Binance KR, whose functionalities will be attached to the global exchange.
  • Japanese regulators have given a green signal to Okex for a launch in the country.

Binance is set to launch in South-Korea after the acquisition of BxB Inc., the fintech company behind KRWb, as an extension of it’s global exchange via a could platform. The new exchange, Binance KR, is a crypto-to-crypto exchange that leverages the core functionalities of Binance.

Changpeng Zhao, the CEO of Binance Ltd. says ‘Hello South-Korea’, in a tweet to address the launch.

While FIAT deposits will be restricted, a stablecoin built on the Binance Chain, BKRB, will look to accommodate the Korean users. It will open trading for BTC, ETH, BNB, and BKRW, soon to be followed by USDT and BUSD. The exchange will begin operations from 2nd April, 2020.

binance south korea
Binance Schedule for South Korean Market

Japanese Regulators Give Green Signal to Ok Group

Reportedly, the Japanese wing of Ok Group, OKCoin Japan Co. Ltd., has gained the approval of the FSA (Financial Service Agency) and JVCEA (Japan Virtual Currency Exchange Association). The COO of OkCoin and the Vice-President – Business Development of OKGroup notes,

Congrats @OKCoinJapan to getting approved by the FSA and JVCEA! As @bitcoinist mentions, there are a few more steps before officially launching. Stay tuned!

There are still some formalities and few other details that must be taken care of before launch. Nevertheless, it has begun pre-registration for Japanese users and since regulated, will support Yen deposits as well. John Feng, CEO of OKCoin Japan told the media,

This is the first license issued this year–and the first ever to a global crypto exchange that obtained it through the regular application process.

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