Binance Plans Launch of Fiat-to-Cryptocurrency Exchange in South Korea

Samuel Haig

Leading crypto exchange Binance is rumored to be planning the launch crypto-to-fiat exchange in South Korea.

Local media outlet, Block in Press, quoted Changpeng Zhao (CZ), the founder and chief executive officer (CEO) of Binance as stating: “We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details." A Binance representative also reportedly told the publication, “We have been in discussions with BXB, but there is no specific decision.”

Binance Seeks Compliance Officer Based in South Korea

Binance is currently seeking to hire a Compliance Officer based in South Korea, further evidencing the company’s intent to open a Korean exchange. The advert for the position specifies that the candidate must possess “Good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

Rumors of a potential South Korean Binance exchange first surfaced in January 2019, when The Block reported South Korea to be among 8 countries that the company was considering opening a new branch in.

Binance South Korea Would Comprise Binance’s Fourth Fiat-to-Cryptocurrency Exchange

On July 10, 2019, Binance fully launched its crypto-to-fiat exchange in Singapore. The exchange was launched in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India.

Binance SG supports Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) pairings, with customers able to deposit Singaporean dollars (SGD) via the Fast and Secure Transfers (FAST) electronic funds transfer service. Binance SG has expressed to add support for more cryptocurrencies in the future. Binance SG had previously conducted a soft-launch during April 2019, with the exchange reported an average weekly user growth of roughly 20% since then.

During October 2018, the company launched Binance Uganda, with the platform facilitating BTC and ETH pairing denominated in Ugandan shillings (UGX). During January 2018, Binance launched its first fiat-to-crypto exchange in the Crown dependency of Jersey. Binance Jersey supports Euro (EUR) and British Pound (GBP) pairings for BTC and ETH, and currently has a 24-hour trade volume of roughly $380,500.