Binance CEO clarifies rumors regarding re-entering South Korean market.

June 17, 2022

Binance CEO was reported to have confirmed its re-entry in the South Korean market earlier today.

Binance CEO was reported to have confirmed its re-entry in the South Korean market earlier today.

Binance CEO explained that they are only looking at the possibility of entering South Korea with no confirmed plans, like all the other countries.

However, Binance CEO further revealed that it had a joint venture partner in 2019 in the country, but it did not work.

“The product wasn’t done well, UX was bad, not competitive. So, we shut it down. Not regulatory related,” CZ tweeted.

Binance had earlier withdrawn support for won trading pairs, payment options, and P2P merchant applications in South Korea.

The world’s largest exchange is entering new countries and exploring new markets despite bearish market conditions.