Asian Expansion: Binance Forms a Local Entity in South Korea

Crypto exchange Binance has officially entered the South Korean market by registering a new company in the country.

First reported by Coindesk, Binance Co. Ltd. was registered with local authorities on October 29, marking the official presence of the crypto exchange.

According to the filing, Wei Zhou, the chief financial officer of the exchange, is a co-representative of the new entity.

Binance’s entry into South Korea was anticipated since last year. It was seen as a part of the exchange’s push to dominate the lucrative markets.

Confirming its attempt to enter the peninsular country, Changpeng “CZ” Zhao, founder and CEO of the exchange, earlier said: “We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details.”

However, it is not clear yet whether the company is moving forward to open a localized digital asset exchange in the country.

Marking presence all over the globe

Meanwhile, the Malta-registered exchange has already decided to open a new office in Beijing in addition to the mainland office that the exchange currently has in Shanghai.

Binance is one of the largest crypto exchanges on the globe in terms of trading volume. Amid regulatory tensions in Asia, the exchange moved its base to Malta last year.

Meanwhile, the exchange is also expanding all over the world by opening local branches to provide crypto-fiat trading services. Before South Korea, Binance opened an entity in Singapore following Jersey and Uganda. The exchange also partnered with a local entity in the United States to operate its recently launched fiat-crypto exchange in the country.

Despite the government’s ban, the exchange is leveraging looping holes to facilitate crypto trading services to the Chinese traders. It recently opened a P2P trading platform with Chinese yuan and is also planning to open an over-the-counter (OTC) desk.

(Photo: Binance)

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