Binance's largest trading volume, Binance, is entering the South Korean market very soon. This reports the South Korean news portal “Korea Business”. The portal refers to a talk by Changpeng Zhao, the CEO of Binance, at the “Blockchain Partners” congress. This congress recently took place in Seoul.
To South Korea!
With its opening in South Korea, Binance is also expanding the overall market for cryptocurrencies. In the field of crypto markets, South Korea is one of the most important countries of all. The Korean Won is one of the four currencies most heavily traded against Bitcoin. That could help Binance grow further.
The process of entering the South Korean market started some time ago. He was recognizable that the Bitcoinbörse began offering their services in Korean. This related to the crypto exchange itself and the website.
Binance has great potential for growth, because not so many South Koreans are trading on the platform so far. The volume of trading could therefore continue to rise in the coming months if more people are trading in the market. This also looks like Binance Sun and has set two Korean employees. These act as Local Marketing Director and Binance Labs Director.
In terms of security and reliability, Binance is one of the pioneers of the crypto exchanges. To this end, the company has implemented several requirements for customer verification (KYC) and prevention of money laundering (AML). Both are important prerequisites for being able to trade in the South Korean market. In South Korea, for example, the size of the market combines with certain entry barriers that not every company can skip equally well.
In South Korea, Initial Coin Offerings (ICOs) are prohibited. Crypto companies have had to change their procedures to comply with the laws of the country. Nor could foreigners act on platforms from South Korea. Binance will also need to implement these guidelines. At the same time, the crypto exchange should aim to offer suitable solutions for this growing market. There is certainly a demand, even for better platforms.
Binance and the future
Binance has recently expanded globally. In the future you also want to offer Fiatpaare. These should also include the US dollar (USD), the euro (EUR) and the British pound (GBP). To achieve this goal, the crypto exchange is in contact with various governments. These include Malta, the Bahamas and Jersey.
Binance has had a lot of good news to report lately. CEO Changpeng Zhao said in an interview that Binance's net profit this year will be $ 500 million to $ 1 billion. He also said that the crypto exchange already handles $ 1.5 billion a day in trading and already has 10 million users.
Sources: BusinessKorea, Binance, Bloomberg, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/bitcoin-boerse-Binance-ready-to-the-market-in-suedkorea-before/
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