The news about Binance expansion plans is not something that you should get surprised about. It has always been expanding rather actively. And now, according to the reports, the world’s largest exchange by trading volume, may soon open its branch in South Korea.
Binance CEO Changpeng Zhao, who is better known within the crypto community as just CZ, has already confirmed the fact that the firm is “working with local partners”. Nevertheless, he hasn’t shared any details saying that at the moment they do not know them.
Meanwhile, as it has been disclosed by the Korean media, there is already a business entity registered under the name “Binance LLC” in the country. The person who is listed as the director of the entity is Jiho Kang. He is also known as the co-founder and managing partner of BXB Inc., the company that provides stablecoin backed by the Korean won.
But a Binance representative hasn’t shared this information with the journalists noting that they still didn’t make a final decision.
At the same time, given the specificity of BXB activity, there is a probability that Binance is working with it to issue a Korean won-backed stablecoin on its platform. This argument is really rather weighty taken into consideration the recent company’s experience of testing a British pound stablecoin on Binance Chain. Later it has been confirmed that the exchange is not going to stop at that point and is planning to issue tokens tied to fiat currencies.
Compliance Officer for South Korea
However, there is one more argument in favor of the fact that we do not need to wait long to see an announcement of the Binance launch in the country. The company has already published a post revealing that they are looking for a person who will be able to occupy the position of a compliance officer for South Korea.
Among the requirements that the company has mentioned in the post is “at least 3-5 years’ directly related experience in a legal or compliance role with substantial knowledge of relevant rules and regulations and the day-to-day compliance affairs”. On this position, they want to see a person who will be able to support the expansion of the exchange into all global frontiers.
Isn’t this information just enough to agree that Binance will soon enter the South Korean crypto space?
Let us also remind that apart from the global service Binance.com, the company operates a number of local platforms, including those in Singapore and Uganda. Earlier this year, Binance has also revealed its plans to take part in the blockchain revolution in Argentina.