Binance wants to open branch in South Korea

Binance, currently the largest crypto exchange in the world by daily trading volume, is set to open a branch in South Korea.

The Maltese crypto exchange Binance is working with local partners in South Korea to open a new stock exchange in the country, as Binance CEO Changpeng Zhao (CZ) said. This is from a report by the crypto media platform Block In Press on 16 July.

CZ said that the company could not yet give any details about the branch in South Korea.

However, a global Binance representative denied the allegations in the report, stating that the Binance team has not yet decided whether or not to open a Korean branch. In particular, the unnamed representative clarified that Binance had discussions with the South Korean fintech firm BxB, but so far no concrete decision had been reached.

Another spokesman for Binance said it was “not the case” to open a local office in South Korea, according to the crypto media platform The Block.

Previously, the Binance CEO at the Blockchain Partners Summit in Seoul in July 2018 had suggested a potential expansion to South Korea. At that time, CZ emphasized the importance of the South Korean market and said that Binance would help further develop the cryptocurrency industry.

Recently, the big global stock exchange Huobi has officially announced that it wants to expand into Turkey, where 20 percent of its inhabitants are supposed to have some form of crypto.