Binance may have taken another step in launching a crypto exchange arm in South Korea.
Binance's presence in the Korean market was confirmed Friday by CoinDesk Korea, after the company registered Binance Co. Ltd. local authorities on 29 October.
The new group – whose financial director Binance Wei Zhou is co-representative – follows up on suggestions that Binance plans to open an office in Beijing, in addition to an office in Shanghai, without being an exchange in China. because of local regulatory restrictions.
Based in Malta, Binance has local entities in Singapore, Jersey and Uganda, as well as a partner entity in the United States. Binance's CEO, Changpeng "CZ" Zhao, also told CoinDesk that the company had plans to expand in Russia, although this does not require the creation of a new foreign exchange agency.
CoinDesk Korea has asked Binance to confirm the acquisition of Binance Co. Ltd., a Korean entity opened by parent company BXB Inc. last spring. The crypto-stock exchange said: "Binance has incorporated companies in several countries as part of its long-term strategy. business plan. "
This April, CZ told CoinDesk Korea that Binance was looking for a "clear signal" from Korean regulators before moving in. The following month, the Korean company Binance LLC was registered in the country without known affiliation for cryptographic exchange.
Two months later, the launch of a Korean arm seemed imminent after CZ confirmed conversations with BXB Inc., which was also considering publishing its own stable banknote. At the time, Binance issued an offer of employment for a South Korean compliance officer.
With this acquisition, CoinDesk Korea announced that Binance would soon publish a winning currency as part of its "Venus" project. The crypto exchange announced its stablecoin program in August.
Illustration of Binance via Shutterstock