Sep 12, 2020
Binance has registered Binance Co. Ltd. with the local authorities of Korea. The new branch will be a crypto exchange service with CFO Wei Zhou as the co-representative. BXB Inc opens the Korean entity. CoinDesk Korea reports the anticipated plans of the exchange involving a sooner launch of its won-pegged stablecoin under the Venus project.
Binance has entered the South Korean market as it moves to ascend its success. CoinDesk Korea has confirmed the presence of the platform in the country as it registered Binance Co. Ltd. with the local authorities on 29 October.
The Korean entity was inaugurated in spring by the firm BXB Inc. The exchange stated, “Binance has incorporated corporations in several countries as part of its long-term business plan.” Changpeng Zhao, the Binance CEO, mentioned earlier in April about pausing for a “clear signal” from the Korean regulators before he enters the boundaries.
Binance CFO, Wei Zhou, will serve as the co-representative of the latest establishment. The exchange also intends to extend itself in Beijing. However, not as an exchange due to the prevailing regulatory restrictions. Apart from operating in Malta, Binance holds local entities in Singapore, Jersey, and Uganda. Changpeng Zhao narrated CoinDesk that the firm plans to expand in Russia, though it might not serve as an exchange branch.
Besides this, the leading cryptocurrency exchange might very soon release a won-pegged stablecoin under its Venus project.