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In just a matter of one year since it was founded, Binance has become one of the largest multi-language cryptocurrency exchanges in the world. And it has no plans of slowing down, with its plans to expand to South Korea now confirmed.
Business Korea reported on Tuesday that Binance CEO Changpeng Zhao graced the Blockchain Partners Summit held in Seoul, South Korea last week. It was also the perfect event for Zhao to announce that they are looking to expand their operations in the country.
Since 2017, analysts have observed the astonishing growth of the cryptocurrency market in South Korea. That does not seem to slow down and Zhao noted that during his speech at the Blockchain Partners Summit.
According to the same report, the Binance CEO reiterated the important role that the cryptocurrency market in South Korea contributes to the international scene. With that in mind, expanding their operations in South Korea is now in the cards.
In fact, Binance has reportedly updated its official website and cryptocurrency exchange services to accommodate the Korean language. However, the firm clarified that they do not have a local headquarters despite their plans of expanding to South Korea. “Currently we have no office in Korea and whether Binance will enter Korea in the future depends on progress in Korean policy,” a Binance rep told CCN.
Meanwhile, the growth of cryptocurrencies in the South Korean market has been met with stricter government regulations. Just last month, local government agencies introduced new anti-money laundering policies, coupled with plans to continuously monitor the local cryptocurrency exchange market.
More recently, South Korea’s Financial Services Commission introduced the Financial Innovation Bureau. The FSC told Korea Times that the newly established bureau is “tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as cryptocurrencies.”
Also, another cause of concern for South Korean officials with regards to cryptocurrencies is the prevalence of cyber attacks. But sources of Business Korea reportedly stated that Binance has proven itself as one of the cryptocurrency exchanges with the best cybersecurity measures in place.
