As per the latest reports, Binance is all set to launch Binance KR and enter into the South Korean market. South Korea has always been a hot spot for crypto enthusiasts, and Binance has made the move to enter the market with its Binance cloud solution.
The global cryptocurrency exchange confirmed the news via a blog post. Binance launched its cloud solution last month.
Binance in South Korea
The blog post reads, “Binance KR is a crypto-to-crypto exchange for Korean users that leverages the core functionalities of Binance, such as the market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.”
The exchange will be powered by a BEP-2 stablecoin named BKRW, backed by South Korean Won (KRW). The exchange will offer its traditional functionalities like spot trading liquidity, the matching engine, and security in Binance KR. As of now, it will support trading in BTC, ETH, BNB, and BKRW. Trading pairs with USDT and BUSD will also be included soon.
Commenting about Binance KR, CEO Changpeng Zhao said, “We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services.”
The South Korean government has introduced a number of crypto regulations off late, thus attracting crypto enthusiasts from across the world. Binance’s move to enter into South Korea is yet another step to establish itself as a major cryptocurrency exchange with a global footprint.
Binance’s launch in South Korea comes along with Binance Ltd.’s acquisition of BxB Inc. the fintech firm which developed the world’s first KRW-backed stablecoin. Jiho Kang, the co-CEO of Binance Ltd assured that Binance aims to introduce a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW.
Users will be able to register and make deposits on Binance KR from April 2, 2020. Trading will begin on April 4, 2020, and withdrawals will be allowed from April 9, 2020.