Crypto exchanges like Binance are spearheading the growth of cryptocurrency and expanding its reach to various international markets. Binance arguably has the largest trading volume compared to other cryptocurrency exchanges, and its entrance to South Korea will boost the booming crypto trading market in the region. Binance has been expanding to various markets with the recent expansion into Africa by launching a cryptocurrency exchange in Uganda. A few months back, they added Korean language support on the main portal.
Binance CEO Changpeng Zhao announced the acquisition of the BXB fintech company, making it the fifth local Binance exchange. The launch came when South Korean lawmakers were pushing to regulate the digital currency sector and legalise initial coin offerings after banning ICOs. With the bill aiming to legalise ICOs, it will reduce the uncertainty associated with blockchain-related businesses.
While Binance does not allow deposits with local currency, people can purchase cryptocurrency using the stablecoin developed by Binance for first-time traders. However, with the increased acceptance of cryptocurrency at the legislative level, the South Korean market is ripe for a new crypto exchange. Besides, Binance can provide a cross-border trading platform due to its liquidity and robust technology. Apart from trading with digital assets in the Binance Cloud, including Bitcoin, Ethereum and Litecoin, the new exchange in South Korea also supports the new BKRW stablecoin that is popular in the country.
Binance ventured into South Korea amidst a transition period when the country’s primary financial regulator is easing restrictions on cryptocurrency trading. The country is also introducing new regulations to nurture domestic fintech companies to boost blockchain and cryptocurrency. With the favourable policies and the government relaxing crypto rules, Binance will benefit from the increased interest in digital currencies and the growing crypto market.
