Binance To Launch Fiat-to-Cryptocurrency Exchange in South Korea

Jul 17,2019 at 07:34 am



The world leading crypto exchange Binance is rumored to be planning the launch crypto-to-fiat exchange in South Korea.


Local media outlet, Block in Press, quoted Changpeng Zhao (CZ), the founder and chief executive officer (CEO) of Binance as stating: “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." A Binance representative also reportedly told the publication, “We have been in discussions with BXB, but there is no specific decision.”


Binance is currently seeking to hire a Compliance Officer based in South Korea, further evidencing the company’s intent to open a Korean exchange. The advert for the position specifies that the candidate must possess “Good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”


Rumors of a potential South Korean Binance exchange first surfaced in January 2019, when The Block reported South Korea to be among 8 countries that the company was considering opening a new branch in.


On July 10, 2019, Binance fully launch edits crypto-to-fiat exchange in Singapore. The exchange was launched in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India.

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