In a wake of unconfirmed update on Binance opening Bejing office, the exchange has confirmed that it is launching a new crypto arm in South Korea.
As per Coindesk, the exchange has already registered Binance Co.Ltd. with local authorities of South Korea on October 29, 2019. Binance’s current CFO Wei Zhou will spearhead Binance Korea as co-representative. The news was confirmed by Binance officials to defy the rumors of Binance opening its branch in China. However, as per Binance officials, the exchange is seeks to move Shanghai but at the moment, it hasn’t decided anything in specific due to regulatory restrictions.
Since its launch in 2017, Binance is leaving its mark in various countries by opening a local entities in regions like Jersey, Singapore, Uganda and a partner entity in the United States. Besides these countries, the exchange also intends to expand its business across Russia but there seems no plan of opening a new branch.
However, in mid July there were reports, highlighting exchange’s plan of opening new entity in South Korea, in fact, its CEO Changpeng Zhao (CZ) said “(Binance ) is working with local partners but we do not know the details”. During that time Jiho Kang of BXB Inc., a company offering Korean won-pegged stablecoin, named as its director. However, the exchange was also hiring for a compliance officer for South Korea but it seems that the firm might have already hired one as the job listing is no more available on site. As per the coindesk report, job description reads that;
“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. The role is based in Seoul, South Korea.”
It appears that the exchange has acquired Binance Co.Ltd which was owned by BXB Inc. Moreover, the exchange may issue a won-stablecoin within its “Venus project” which was followed by a stablecoin program announcement back in August.
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