The Binance Cryptocurrency Exchange is expanding the scope of its operations and this time it has its sight set on South Korea which is currently considered to be the hottest digital currency market.
South Korea is one of the most attractive cryptocurrency markets and as a result, many digital currency exchanges have their operations in the country. Meanwhile, Binance is the largest cryptocurrency exchange based on trading volume. Its CEO Changpeng Zhao gave some hints about the plans that the exchange has been making with regards to expansion during a summit held in Seoul during the weekend.
Zhao described South Korea as an important market for the cryptocurrency industry. This is also not the first time that Binance has taken an interest in South Korea. Less than a year ago, the cryptocurrency exchange started offering support for the Korean language on its main exchange portal. Business Korea, a news outlet from the country revealed that the exchange has already started hiring South Korean executives in preparation for the expansion.
The reports about Binance’s interest in South Korea comes just after financial authorities approved a bill that seeks to legalize ICOs and regulate cryptocurrencies under close supervision. It also comes at a time when the digital currency market seems to be turning bullish after performing poorly for the past six months.
South Korea has also had challenges in crypto
South Korea is one of the most welcoming countries when it comes to cryptocurrencies and digital currency exchange but this does not mean that things have been easy. Following a streak of crypto exchange hacks, authorities in the country implemented strict regulations that led to the exit of some exchanges from the market. The country had also banned ICOs and its decision to approve them on a regulated basis means regulators are becoming more lenient towards the cryptocurrency market.
Meanwhile, Binance has also been working on expanding its presence in other regions and it recently announced the launch of its platform in Uganda, making it the company’s first launch in Africa. The exchange also opened new offices in Malta, Tokyo and the island of Jersey.