On Tuesday, Binance announced its readiness to enter into the South Korean market, through the launch of a new exchange – Binance KR.
Based on reports, the Binance KR exchange would be open for deposits on the 2nd of April. The trading on the new exchange would start on the 4th while withdrawals would commence from the 9th.
More info on the new project
Binance KR aims to enable Korean users to take advantage of all the core functionalities of Binance. So, the users can hope to leverage the market’s trading liquidity and robust matching engine. They will also be able to use the advanced state-of-the-art security-custody and risk control features. Incidentally, the first global use of Binance KR was revealed last month.
Following its launch, Binance KR would support the Binance KRW (BKRW) stablecoin backed by the South Korean Won (KRW). Binance.com had recently listed the stablecoin on its platform.
Additionally, the new exchange will enable Korean users to easily convert KRW into BKRW. These stablecoins can be used to trade Ethereum (ETH), Bitcoin (BTC), Binance coin (BNB) and BKRW. In the future, the new exchange would also support trade using Tether (USDT) and Binance USD (BUSD) stablecoins.
Binance acquires BxB
The crypto exchange had previously announced its partnership with BxB, the fintech company behind BKRW. This resulted in the exchange becoming fully compliant as they bring their cryptocurrency services to South Korea.
Changpeng Zhao, Binance CEO, said about the new foray: “We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean Won in order to expand our local services.”
In the words of Jiho Kang, Binance Ltd. co-CEO: “Binance Ltd.’s trading platform will provide cross-border liquidity and robust technology of Binance.com as well as the new BKRW stablecoin, which is backed by the South Korean won. We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”
The crypto exchange’s foray in the Asian market is nothing new. Recently, it was granted license exemption to operate in Singapore along with some other major firms.
Also, Binance has been in the news with a possible takeover of CoinMarketCap, which is yet to be confirmed by the exchange.