Binance is preparing to break into the South Korean crypto market, said CEO Changpeng Zhao during a press conference at the Web Summit 2022 in Lisbon, Portugal, on Wednesday.

According to the country’s media outlet News1, Zhao stated that the platform is preparing to register with South Korean monetary regulators in accordance with local regulations.

South Korea requires that all digital asset trading platforms meet stringent local anti-money laundering requirements, which include information security certification and a local bank partnership to provide users with real-name withdrawal and deposit accounts.

Binance opened a Korean office in 2019 and provided crypto trading services in the local crypto market from April 2020 until December of that year. It also stopped providing global trading offerings for South Korean won in 2021 after local regulators prohibited unlicensed foreign exchanges from providing services to its residents.

In August of this year, the global crypto exchange teamed up with the city of Busan to assist the city in developing its own digital asset exchange and growing its blockchain ecosystem. Busan has since formed partnerships with FTX, Huobi Global, Crypto.com, and Gate.io for the same venture.

The company had made no plans to re-enter the local cryptocurrency market.

"What we can say is that considering the position of the market, we will still honor local rules and guarantee that we continue to comply in the case of any market entry," a Binance spokesperson told Forkast, declining to elaborate on Zhao's remarks.

What do you think of Binance's re-entry into the South Korean crypto market? Drop your comments by sharing this article on social media.

*Article Photo Credits to: Binance CEO Changpeng Zhao at Web Summit 2022 | Image: Web Summit*

Posted 
Nov 3, 2022
 in 
Crypto News
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