As reported by Business Korea, the cryptocurrency exchange Binance intends to intensify its activities in South Korea. It hinted at the head of the company Chanpen Zhao, speaking last week in Seoul to the conference Blockchain Summit Partners.
Although South Korea is the third largest cryptocurrency market, after the USA and Japan, the recent crypto currency exchange faced in this country with serious obstacles. This year has been hacked exchange Bithumb and Coinrail, and the IRS was accused of Coinone in tax evasion.
Binance, staying away from these scandals has laid a solid Foundation for expansion in South Korea. So, last year, the company has added Korean language support on your website.
Although official data on the user base exchanges in South Korea do not exist, the number of customers expected to be significant to the company moved from language support to recruiting for the key roles of local experts. In particular, local position of marketing Manager and Director of social impact Lab Binance got Chon and Choi Arim Hand, respectively.
The constant expansion Binance, the world’s largest cryptocurrency exchanges by trading volume, is due to its desire to achieve in 2018 a net profit of $1 billion, Positioning the base of operations in Hong Kong, the company experienced such a rapid growth that the number of worldwide users exceeds the population of Hong Kong.
Throughout its history emerged in Beijing, the company is constantly faced with emanating from the regulators ‘ obstacles. She moved to Hong Kong before the Chinese authorities in September 2017 has banned the activities of cryptocurrency exchanges. Since then, the offices of the exchange appeared in Tokyo, on the island of Jersey, in Uganda, and most recently in Malta, where the company intends to increase the number of transactions on the background of friendly cryptocurrency from local authorities.
The output of Binance on the South Korean market comes at a time when local lawmakers intend as soon as possible to resolve the cryptocurrency sector and to lift the ban ICO.