Cryptocurrency exchange Binance plans to open a subsidiary in South Korea.On October 29, the companyregistered company Binance Co. Ltd. at the South Korean tax authority.
In April this year, the founder of the trading platformChangpeng Zhao said that Binance will open a representative office in South Korea after receiving permission from local authorities. In May, the South Korean exchange BXB founded an institution called Binance LLC, which is not affiliated with the Maltese organization Binance. In October, the cryptocurrency exchange Binance bought this company and registered it as a branch.
In July 2019, Binance posted a vacancy onPosition of Chief Compliance Officer with a job in South Korea. The requirements for the applicant indicated that he should understand the issues of local legislation governing the circulation of virtual currencies. Therefore, analysts have suggested that Binance together with BXB is going to release stablecoin, the cost of which will be tied to the South Korean won exchange rate. CoinDesk Korea confirmed this conjecture and said that a stable digital asset will be developed as part of the Venus project, which was announced by Binance in August.
October 31 from anonymous sources became knownBinance plans to open an office in Beijing. What the Chinese representative office of the company will do is not yet known, however, this information appeared after the statement by President Xi Jinping on the need to develop the blockchain industry. In this regard, we can conclude that Binance will cooperate with the government in the creation of applications based on distributed database technology. At the end of October, Changpeng Zhao confirmed the firm’s intention to develop business in Russia, nevertheless, there is no talk of opening a full-fledged branch yet.