Binance, world’s largest digital asset trading platform, is preparing to operate in South Korea’s crypto market, said chief executive officer (CEO) Changpeng Zhao during a press conference at the Web Summit 2022 held in Lisbon, Portugal on Wednesday.
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Fast facts
- Zhao said that Binance is preparing to register under South Korean financial authorities by complying with local regulations, South Korean news agency News1 reported.
- South Korea mandates all digital asset trading platforms meet strict local anti-money laundering requirements, including an information security certification and a local bank partnership to provide users real-name deposit and withdrawal accounts.
- Binance had established a Korea office in 2019 and offered crypto trading services in the local crypto market from April 2020 until it closed down later that year in December. It also discontinued global trading services for South Korean won in 2021 as local regulators banned unregistered foreign exchanges from offering services to Korean residents.
- In August this year, the global crypto exchange partnered with South Korea’s Busan city to help the city build its own digital asset exchange and grow its blockchain ecosystem. Busan has since signed partnerships with FTX, Huobi Global, Crypto.com and Gate.io for the same initiative.
- As part of the agreement, Binance announced it is establishing a new office in Korea in Busan city — at the time, it had not announced any plan to re-enter the local crypto market.
- “What we can say is given the position of the Korea market, we will always respect local regulations and ensure that we remain compliant in the case of any market entry,” a Binance spokesperson told Forkast, while declining to provide further details on Zhao’s comments.
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