Binance may have stepped toward launching a cryptocurrency exchange arm in South Korea.
Binance’s presence in the Korean market was affirmed November 1 by local media, after the organization enlisted Binance Co. Ltd. with local authorities on October 29.
The new arm – which has Binance CFO Wei Zhou as co-representative – comes following points insinuations that Binance aims to open a Beijing office, supplementing an office in Shanghai, although it’s not to be an exchange because of local administrative limitations.
Operating out of Malta, Binance has local entities in Singapore, Jersey, and Uganda, along with a partner entity in the United States. Binance CEO Changpeng “CZ” Zhao additionally said previously that the company has intentions to expand in Russia, but that may not include another exchange branch.
Local media reached out to Binance to verify the procurement of Binance Co. Ltd., a Korean entity launched this past spring by parent company BXB Inc. The cryptocurrency exchange stated: “Binance has incorporated corporations in several countries as part of its long-term business plan.”
This April, CZ said Binance was searching for a “clear signal” from Korean officials before moving in. The next month, Korean enterprise Binance LLC registered in the nation with no known association to the crypto exchange.
After two months, the launch of a Korean arm appeared to be unavoidable after CZ affirmed discussions with BXB Inc. which was likewise peering toward the issuance of its own won-pegged stablecoin. At the time, Binance posted a job advertisement for a South Korean compliance officer.
With the procurement, the report says Binance will soon introduce a won-stablecoin under its “Venus” venture. The cryptocurrency exchange its stablecoin program in August.