A big news for South Korea, the world’s largest cryptocurrencies exchange for trading volume, ‘Binance’ is all set to enter the world of South Korea, that is one of the major crypto trade markets in the world.
According to a Business Korea report, Binance has wilfully agreed to hire executives from South Korea and is now intended to form three to five local corporations in the East Asian nation in the year 2018, as per the report stated by Business Korea.
Binance CEO, Changpeng Zhao’s present at the Blockchain Partners Summit in Seoul wholeheartedly marked the importance of the South Korean Market. The billionaire founder of Binance discussed the function of the South Korean market with the crowd.
Let me make you aware that Binance is leaving a great impression on its customers with their rapid and landmark growth. Binance added language support on its primary trading portal for the Korean, just a year ago.
Binance also hired Choi Hyung-won and Jeon Ah-rim as Director of Binance Labs and Domestic Marketing Director respectively.
In addition, Binance also landed its first fiat-trading cryptocurrency exchange in Uganda and expanded it to Africa. The important thing that needs special attention is that Binance is expanding to South Korea at the time when the lawmakers of a country are forwarding legislative bills with a motive to regulate the cryptocurrency exchange and also for the legalize coin offerings (ICOs) under strict surveillance.
It is better to say that South Korea financial regulator followed the footstep of China in banning of ICOs as a process of raising fund in the country, in September last year. A representative from the country ruling Democratic Party named Hong Eui-rak won the support of present lawmakers in Parliament to pass the bill with the intention to legalize ICOs.
Further, the representative added that the primary goal to pass the bill is to get rid of all the uncertainties and the flaws in the working of blockchain related business.
However, in May nearly eight months after the blanket man, South Korea’s National Assembly made an official announcement for the recommendation to favor and allow domestic ICO in the country.
The country’s financial regulator is also planning to formulate new body exclusively to nurture the domestic financial industry aiming at blockchain technology and on cryptocurrency.