Binance is working with ‘local partners’ to set up South Korean fiat-to-crypto exchange

  • 16 July 2019, Tuesday, 08:40

Binance is spreading its golden wings.

The world’s largest cryptocurrency exchange is expanding its fiat-to-crypto base to South Korea. According to local Korean media outlet, BlockInPress, the Maltese-headquartered exchange is in talks with domestic regulators to set up the exchange.

On July 16, Changpeng Zhao, CEO of Binance, told reporters that “local partners” are being consulted on the project, but the “details” cannot be confirmed at this time.

“We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details.”

The same report stated that the setting up of a Korean branch for the cryptocurrency exchange was “not true,” citing a “global representative” of Binance. Although talks have been held with a local blockchain company, the parties have not arrived on a consensus yet. The representative was quoted as saying,

“We have been in discussions with BXB (a block-chain FinTech company), but no specific decision has been made.”

According to the report, Binance registered in South Korea as a “co-representative” of BXB, under the company name “Binance LLC.” Jiho Kang has been appointed as the director and he also serves as the Co-founder and Managing Partner at KRWb by BXB Inc, according to his his LinkedIn Profile.

With a possible South Korean exchange in the wings, Binance is one step closer to its goal of establishing two fiat-to-crypto exchanges on every continent.

Following the launch of cryptocurrency exchanges in Uganda, Jersey, and Singapore, South Korea now looks to be dead set on joining the Binance fiat-to-crypto family. Other targeted countries according to the exchange are Turkey, Russia, Argentina, and Bermuda.

With the 2019 launch of the Jersey and Singapore-based exchanges, Binance has confirmed that Bitcoin and Ethereum will be the only cryptocurrencies on offer to minimize the regulatory mess that other digital assets might cause.

Last month, Binance made news after it confirmed that US customers would be barred from trading on the platform, following which they partnered with BAM Trading Services, a FinCen-approved platform to launch Binance.US, specifically for their American customers.