Binance Exchange Reportedly Looking To Tap Into The South Korean Market
South Korea is one of the world’s major cryptocurrency trading markets and Binance is reportedly looking to enter. Binance is the largest exchange by trading volume and could have a great impact on the Korean market. The exchange offers crypto to crypto trading with a variety of trading pairs. It’s the most popular exchange right now to convert crypto or exchange bitcoin.
A year ago, Binance added language support for Korean on its primary exchange which already has the infrastructure in place to reach the market. South Korean financial regulator banned ICOs (Initial Coin Offerings) last year following China’s lead. Korean lawmakers are now working on legislative bills to regulate the cryptocurrency sector and legalise initial coin offerings. It’s a move with hopes to remove uncertainties related to blockchain businesses. Perhaps Binance is seeking to enter the market once these bills move forward for greater customer certainty selling crypto.
Binance could be hoping that ICOs become legalised within South Korea after the national assembly allowed domestic ICOs in the country from may this year. Korean regulators are also seeking to relax some cryptocurrency rules to regulate exchanges under traditional financial institutions which could appeal to Binance.
It was reported in The Korean Times that the financial regulator is to establish a new body focused on cryptocurrency and blockchain technology, to create policies to help nurture the fintech industry. Binance could be looking to utilise these regulations and policies, potentially opening an office and exchange for crypto to crypto trading.
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