Report: Binance Could Launch Crypto Subsidiary in South Korea

Binance, the world’s largest cryptocurrency exchange by adjusted trading volume, could launch a cryptocurrency exchange subsidiary in South Korea, according to a report published by Block In Press. The exchange, however, remains mum about the news.

Changpeng Zhao (CZ), CEO of Binance, told the local media outlet that there’s nothing final to announce at present but confirmed that the exchange was having discussions with local partners.

A representative from the company was also quoted in the report, disproving the idea that the launch of Korean subsidiary was impending, saying that Binance has “not decided whether or not to establish a Korean subsidiary.”

“We have been discussing cooperation with BxB (a block-chain fintech company), but we have not made any specific decisions,” the representative told the news outlet. “We have not decided whether or not to establish a Korean subsidiary.”

Earlier this month, CZ insinuated a South Korean expansion at a Seoul conference, where he said that Binance would assist in the growth of the local community.