Just-In: Binance Enters South Korea To Push Adoption, But There's A Catch

The world’s largest crypto exchange Binance’s expansion into South Korea is largely awaited by the community. While the expansion is yet not clear, Binance has signed an MOU with the South Korean city of Busan to push blockchain adoption. The crypto exchange firm will support the development of Busan’s blockchain ecosystem and promote the Busan Digital Asset Exchange.

Binance Signs Blockchain MOU with South Korea’s Busan City

Binance CEO “CZ” in a tweet on August 26 said he met with Busan Mayor Park Heong-joon to sign an MOU to support the development of Busan’s blockchain ecosystem and promote the Busan Digital Asset Exchange.

“We are happy to be working with the City of Busan to bring tangible blockchain-related developments that benefit and support the city’s innovation efforts. We look forward to our close cooperation with the city to support the establishment of digital asset exchanges and various blockchain industries.”

In fact, Binance’s mission is to lead the next wave of crypto and blockchain adoption. This is why CEO “CZ” is visiting several countries to grow its presence through expansion and partnerships. Binance is reportedly looking to expand into South Korea to boost its business and crypto adoption.

The crypto exchange will provide technological and infrastructure support to the city of Busan to further boost blockchain adoption. Also, both Binance and Busan will share their order books as part of the agreement.

Furthermore, Binance will promote blockchain initiatives and businesses in Busan’s blockchain regulatory-free zone. Also, support blockchain research, education, and investments in the city. The plans also include promoting social well-being through Binance Charity and helping organize the Blockchain Week in Busan (BNB 2022).

Crypto and Blockchain Adoption Boost in South Korea

South Korea is witnessing massive crypto and blockchain adoption over the last two years. According to recent data, South Koreans are second after the U.S. in crypto exchange website visits this year.

Moreover, the South Korean government and regulators are strengthening crypto regulation and oversight after the Terra-LUNA crisis. A well-structured regulatory environment helps boost crypto adoption in a country.

With Binance’s foray into the Busan blockchain industry, re-entry into the South Korean market may likely follow.

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Varinder Singh

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