Binance considering the Launch of a South Korean based Crypto Exchange

According to reports, the world’s top exchange by trading volume Binance is considering launching a branch in South Korea. The possibility of that happening was confirmed by the company CEO Changpeng “CZ” Zhao, in an interview with local news source Block In Press on Tuesday. He said (via translation) that the firm is “working with local partners, but we do not know the details.”
However, according to a report by CoinDesk Korea revealed that a business entity with the name Binance LLC has been established in the country; the director is listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed stablecoin. The news desk also hinted the likelihood of Binance working with BXB to launch a Korean won-backed stablecoin on its platform. Recently, the exchange confirmed that it has developed a token tied to the British pound and that more based on other fiat currencies are planned. A Binance representative reportedly told Block In Press, “We have been in discussions with BXB, but there is no specific decision.”
Binance has been advertising for a compliance officer for South Korea In a post on its website, the exchange says: “We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. The role is based in Seoul, South Korea.” The candidate must, in addition to other skills, have “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.” This further rings a bell to the high probability of them launching a company in the Asian country.
The firm already has local exchanges in Singapore, Jersey and Uganda joined in its known global service.


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Credits- Daniel Palmer


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