Binance Enters Korean Market With New Business Entity

Binance may have taken another step toward launching a crypto exchange arm in South Korea.

Binance's presence the Korean market was confirmed Friday by CoinDesk Korea, after the company registered Binance Co. Ltd. with local authorities on Oct 29.

The new arm – which has Binance CFO Wei Zhou as co-representative – comes on the heels of suggestions that Binance intends to open a Beijing office, complementing an office in Shanghai, though it's not to be an exchange due to local regulatory restrictions.

Operating out of Malta, Binance has local entities in Singapore, Jersey and Uganda, as well as a partner entity in the United States. Binance CEO Changpeng “CZ” Zhao also told CoinDesk recently the firm has plans for expansion in Russia, though that may not involve a new exchange branch.

CoinDesk Korea reached out to Binance to confirm the acquisition of Binance Co. Ltd., a Korean entity opened this past spring by parent firm BXB Inc. The crypto exchange said: “Binance has incorporated corporations in several countries as part of its long-term business plan.”

This April, CZ told CoinDesk Korea that Binance was looking for a “clear signal” from Korean regulators before moving in. The following month, Korean corporation Binance LLC registered in the country with no known affiliation to the crypto exchange.

Two months later, the launch of a Korean arm seemed imminent after CZ confirmed conversations with BXB Inc. which was also eyeing the issuance of its own won-pegged stablecoin. At the time, Binance posted a job ad for a South Korean compliance officer.

With the acquisition, CoinDesk Korea says Binance will soon issue a won-stablecoin under its "Venus" project. The crypto exchange announced its stablecoin program in August.

Binance illustration via Shutterstock