Binance's South Korean adventure a sign of country's growing crypto-significance
One of the world’s leading cryptocurrency exchange platforms, Binance has announced its foray into the South Korean cryptocurrency market via the launch of Binance KR, a crypto-to-crypto exchange for Korean users. According to an announcement by the exchange, Binance KR is set to launch in the next few days.
This platform is being touted as the “the first global use case” of the Binance Cloud solution that was rolled out last month. Binance Cloud is essentially a platform that allows users to launch their own cryptocurrency exchange.
Following the development, Binance 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.”
According to the official press release, Binance KR leverages the core functionalities of its parent firm, such as the market’s deepest spot trading liquidity, robust matching engine, and advanced state-of-the-art security, custody, and risk controls. Additionally, Binance’s Korean platform is also supporting a BEP-2 stablecoin backed by South Korean Won [KRW], the Binance KRW [BKRW].
South Korean crypto scene
Binance’s latest announcement is a crucial one since it comes on the heels of the South Korean National Assembly passing new legislation in a bid to provide a framework for the regulation and legalization of cryptocurrencies and crypto-exchanges in the country.
The article is being updated…
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Chayanika Deka, Khareem Sudlow