Binance is preparing to enter the South Korean market.

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Binance, the world's largest cryptocurrency exchange by trading volume, is considering entering the South Korean market for expansion.

CEO Binance Campana Zhao during his speech at the summit of "Blockchain Partners", held in Seoul on 21 and 22 July, emphasized the importance of the South Korean market, saying that his company "will enrich your community" by entering this market.

Publication of the Korea Times notes:

"The company hired Koreans as local marketing Director and Director of Binance Lab."

Binance added Korean to its website back in August last year. "Now our Korean customers can use our website in their native language," the company said at the time.

Korean regulation
South Korea introduced cryptocurrency regulation at the end of last year. In January, the government introduced a real name system for cryptocurrency traders.

The largest local crypto-exchanges, Bithumb, Upbit, Coinone and Korbit, have access to register clients ' accounts with name verification, but on other exchanges these opportunities are not available now. This creates problems for regulators who believe that "in the absence of accounts confirmed by a real person, exchanges should continue to use corporate accounts to trade cryptocurrencies."

Recently, the country's chief financial regulator, the financial services Commission (FSC), announced its intention to undertake a major restructuring of the regulatory framework for cryptocurrency, including the creation of a specialized Bureau. The government also indicated that it would" facilitate regulation " of crypto.

Taking into account changes in regulation of the cryptocurrency in South Korea, Zhao in the beginning of this year announced that Binance lays its plans to launch exchange in Korea until then, "while Seoul will not change the regulatory framework". But now, given the recent changes, it seems that Binance is returning to the idea of entering the South Korean crypto market.

Link to the official source of the publication (Russian) - https://altstake.io/news/binance-gotovitsya-k-vhodu-na-rynok-yughnoy-korei