Binance, the world’s largest cryptocurrency exchange, is entering the Korean market again. 바이낸스 거래소 코인 On the 26th, Binance signed a business agreement with Busan City to establish a digital asset exchange. Through this, Busan City plans to provide location and administrative support to Binance’s surplus in the Korean market, and Binance plans to provide infrastructure and know-how.
The Busan Metropolitan Government will push for a mid- to long-term plan to make Busan a blockchain-specific city, and Binance’s online academy and internship programs will be provided to universities in Busan.
In addition, Binance decided to establish a Korean secretariat in Busan within this year and actively cooperate with the BWB 2022 (blockchain week in Busan) event to be held in BEXCO, Busan from October 27.
Meanwhile, there have been attempts by Binance to operate the exchange directly in Korea in the past.
Binance already established Binance Limited in Korea in 2020, but I remember withdrawing due to regulations. The corporation that was established at the time is in trouble for the first time in two years. The business has been suspended, but the corporation has not dissolved, so regulatory risks can be a problem again.
This is because, in fact, the Korean financial authorities only permit one business per company. For this reason, it seems necessary to close the corporation that was established in the past first. In addition, the possibility is expected not to have a branch office like the existing method, but to acquire an existing exchange operator.
Binance has already signed a partnership with major entertainment agencies such as YG and SM to launch NFT. This is why various NFTs using artists from these agencies are expected to be released on exchanges such as Binance in the future.
I wonder how much market share will be if there is an exchange directly operated by Binance, the world’s largest exchange, in the domestic virtual asset exchange market represented by Upbit, Bithumb, Coinone, Covit, and Gopax. Of course, it could be a way of taking over an existing exchange. And it is expected to be a support for spot transactions and simple derivative services that do not have futures trading functions due to domestic regulations.
Today, Binance, the world’s largest cryptocurrency exchange, has re-entered Korea.