The most busiest cryptocurrency exchange in the whole world, Binance, is set to open it’s new branch in South Korea.
As reported by Business Korea, CEO Changpeng Zhao, made this announcement known at a speech delivered at an event in Seoul last weekend.
The move comes as the South Korean government begins to accommodate cryptocurrency.
According to coinmarketcap.com, the cryptocurrency exchange handles $1.4 billion in daily volumes. Thus making Binance the most busiest crypto exchange.
The company was founded in Beijing but moved to Hong Kong just before the Chinese government made cryptocurrency exchanges illegal in the country in
Since then it has open offices in Tokyo, Malta , and Jersey, and recently signed a
partnership with a Ugandan blockchain initiative called Crypto Savanna, with the aim of aiding in the economic development of that impoverished but developing country.
Binance is making this brave step to open branch in South Korea because South Korea is one of the world’s biggest cryptocurrency markets, with millions of South Koreans regularly using cryptocurrency applications on their mobile phones and its biggest exchange handling hundreds of millions of dollars’ in trading daily.
This is despite the country’s authorities clamping down heavily on cryptocurrency last year.
Which impact do you think Binance could make in the South Korean cryptocurrency market?