Crypto exchange Binance just registered a new company in South Korea, Binance Co. Ltd., further confirming that it is serious about penetrating the local market.
The newly established entity is being co-lead by Binance CFO Wei Zhou. The company's interest in opening a crypto exchange in South Korea has been known for quite some time, and it is viewed as part of its plan to establish dominance over this busy, money-making market. To make this process easier, Binance is already cooperating with partners on the ground, although no firm decisions have reportedly been made at this time.
Headquartered in Malta, Binance has local branches in Jersey, Singapore, and Uganda and operates via a partner company in the U.S. According to Binance CEO Changpeng “CZ” Zhao, the platform is also looking to expand its operations to Russia, although a new exchange arm may not be in the cards.
The registration of the new Korean entity has been in the making since last spring, when it was reported that before deciding to make its move, Binance was awaiting a “clear signal” from the Korean authorities. Just about a month later, Korean corporation Binance LLC was registered in the country, although it was unclear at the time whether or not it had any relation to the crypto exchange. Two months later, it appeared that the launch of a Korean entity was just around the corner as the company confirmed reports of its negotiations with BXB Inc., which was contemplating the issuance of its own stablecoin. The fact that Binance posted a job ad for a South Korean compliance officer at the same time, also pointed towards the possibility that the company was gearing up to launch its operations in the country.