Leading cryptocurrency exchange Binance, intends to launch a branch in South Korea, as disclosed by a report from a source on Tuesday, July 16.
Per the report, Binance CEO, Changpeng Zhao (CZ), revealed that the firm is currently working with partners in South Korea to set up its exchange in the country, he said, the firm is “working with local partners, but we do not know the details.”
However, the news about Binance setting up a branch in South Korea was debunked by a global representative of the firm, who disclosed that Binance has not made a decision on whether or not to launch another of its branch in South Korea. The representative also disclosed that Binance has been in talks with South Korea-based fintech firm BXB, but is yet to reach a decision “We have been in discussions with BXB, but there is no specific decision,” he said.
Binance had earlier disclosed a potential expansion of its exchange to South Korea at the Blockchain Partners Summit held in Seoul in July 2018. CZ speaking at the Summit revealed the benefits the South Korean market can exploit from cryptocurrencies, stating that Binance will contribute its quota to the growth of South Korea’s cryptocurrency industry.
In a recent report, Binance announced that it will launch a regulated platform exclusively for users in the United States. This service is exclusive to United States users, which is different from its global service.