Binance Prepares Launch of Crypto Exchange in South Korea

Binance, the world’s leading exchange by trading quantity, is thinking about opening an office in South Korea, based on report.

Changpeng “CZ” Zhao stated the likelihood to local news source Block In Press on Tuesday, stating that the company is “working with local partners, but we do not know the particulars.”

Still, regarding to a report by CoinDesk Korea, a company named Binance LLC has been founded in the country, with the manager listed as Jiho Kang of BXB Inc., a firm providing a Korean won-backed stablecoin.

A Binance spokesperson apparently told Block In Press, “We have been in discussions with BXB, but there is no specific decision.”

Including to the likelihood that a launch is on the cards, Binance has been promoting for a consent officer for South Korea.

In a write-up on their website, the exchange says:

“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. The role is based in Seoul, South Korea.”

Some of the applicant should have: “Good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

CoinDesk Korea also increases the chance that Binance might work with BXB to establish a Korean won-backed stablecoin on its system. The exchange just lately stated that it’s developed a token connected to the British pound and that more relying on other fiat currencies are considered.

Apart from it’s global service, the exchange not long ago declared that it will launch a regulated platform for users in the U.S. The firm also has local exchanges in Singapore, Jersey and Uganda.