December 11, 2023

Media: Binance opens a division in South Korea

Bitcoin exchange Binance entered the South Korean market as a result of the purchase of a local company of the same name, reportsCoinDesk.

Binance Co. Ltd was incorporated last spring by the parent company BXB Inc. In response to a request to confirm the purchase of the company, the representative of the exchange replied:

«Binance is acquiring corporations in several countries as part of its long-term business plan».

Co-Chair at Binance Co. Ltd became Wei Zhou CFO.

Venus Binance is also expected to launch a stablecoin tied to Korean won as part of its project.

On the eve of the media, Binance also announced plans to open an office in Beijing to further expand its presence in China. The company’s division is already operating in Shanghai.

At the beginning of the year, the media got a list of jurisdictions, inwhich the exchange plans to launch crypto-fiat trading platforms. In Uganda and on the island of Jersey at that time this had already happened. Future plans included Singapore, Malta, South Korea and others, including Russia.

Singapore's Binance Marketplace withsupport for fiat currencies began work in a limited mode in April; its full launch took place in July. At the same time, there were reports of the imminent appearance of such an exchange in South Korea, but the company did not confirm them.

Recall, the Binance US platform officially began work in September this year.