Binance Moves to South Korea: Binance has become the most successful crypto exchange platform in the world. It has taken the exchange just over a year to achieve this title – it cites its beginnings in July 2017 by the now billionaire Changpeng “CZ” Zhao – and it handles the largest daily trading volume in the world; an average amount of $1.45 billion a day, according to coinmarketcap.com.
Now the exchange is reportedly entering one of the world’s major crypto trading markets – South Korea.
Binance Moves to South Korea
The process has already begun to make such a move happen; Binance has started hiring executives in South Korea for a plan to establish three to five local corporations within 2018.
Also, It hired Jeon Ah-rim as its domestic marketing director and Choi Hyung-won as director of the social impact fund, Binance Labs, which is based – of course – in South Korea.
Back as early as August 2017, It added language support for Korean on its primary exchange portal – a nod to a plan that had already been in consideration perhaps?
The Timing is Right
According to the CEO of Binance, South Korea is an essential market for the exchange and it has much to gain by joining the competition for what is already a crypto-heavy landscape in the country. Other popular exchanges already active in the country include Huobi, Bithumb, and Upbit.
South Korea is considered as having one of the strictest cryptocurrency regulatory frameworks; last year the East Asia nation banned ICO’s taking lead from China. It has since considered a different stance, as earlier this year Hong Eui-rak, a representative from the country’s ruling Democratic Party gained the support of other lawmakers in Parliament to introduce a bill pushing for the legalization of ICOs.
Binance is Powerful
Binance is popular and as a result, it is powerful; Holo (HOT) is the native cryptocurrency of Holochain – the decentralized cloud system, The coin saw a massive 70% gain on Monday morning. This leap was achieved once the exchange announced it will add HOT to its trading platform.
“Binance will open trading for HOT/BTC and HOT/ETH trading pairs at 2018/07/24 04:00 AM (UTC). Users can now start depositing HOT in preparation for trading,”
It is already the biggest exchange by trading volume and its adoption in Korea is exciting – but competition is stiff. Do you think Binance can win over a large number of Korean traders?
Featured Image: Deposit Photos/sharafmaksumov