Claim BonusJust-In: Binance Plans South Korea Re-entry Amid Global Expansion
The world’s largest crypto exchange Binance plans to re-enter the South Korean market amid its mission to expand in Southeast Asia. Binance’s CEO “CZ” announced his plan to re-enter South Korea in an interview with Korean media at the VivaTech 2022 in France.
Binance To Re-Enter the South Korean Crypto Market
Binance’s CEO is currently visiting many Southeast Asian countries to establish its leadership in the next wave of blockchain and web3 developments through expansion and partnerships. In order to complete its mission, the South Korean expansion will be the most important for Binance.
South Korea has one of the world’s largest crypto economies, an excellent talent pool, and a startup community, which is still an attractive market for Binance. The crypto exchange exited South Korea in January 2021 as the product didn’t perform well due to bad UX. However, the firm is in a better position now to enter the market.
Binance CEO “CZ” in an interview with South Korea’s Maeil Economic Daily said:
“We are looking at re-entry into Korea. A good time for recruiting key talent and M&A is approaching. In order for Web 3.0 to become a reality, popularization is ultimately the key, and Binance’s ultimate goal is to become a platform for this.”
Binance is rapidly expanding into other Southeast Asian countries including the Philippines, Malaysia, and Vietnam to increase the adoption of cryptocurrencies, blockchain, and web3 technologies. Binance CEO “CZ” believes blockchain, NFTs, and metaverse will be the future.
Moreover, he thinks probably only South Korea can match the U.S. on the integration of crypto with traditional financial institutions and banks.
South Korea’s Changing Crypto Landscape
South Korea has become one of the most progressive crypto countries in the world. However, after the Terra crash, the country has tightened crypto rules and regulations for investor protection and fair trading practices. Moreover, South Korea will set up a digital asset committee for crypto oversight.
Binance’s CEO “CZ” had cleared his intention to expand only in well-regulated crypto nations. Thus, the increasing crypto regulation and adoption in South Korea suits Binance.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Will Bitcoin Crash Again as ‘Trump Insider’ Whale Dumps 6,599 BTC
- XRP News: Ripple’s RLUSD Gets Boost as CFTC Expands Approved Tokenized Collateral
- Crypto Markets Brace as Another Partial U.S. Government Shutdown Looms Next Week
- $40B Bitcoin Airdrop Error: Bithumb to Reimburse Customer Losses After BTC Crash To $55k
- ETH Price Fears Major Crash As Trend Research Deposits $1.8B Ethereum to Binance
- Cardano Price Prediction as Midnight Token Soars 15%
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
