Binance, the world’s largest electronic money trading platform by volume, is planning to expand its operations into the Korean market. This announcement was announced by the founder of Binance and CEO Changpeng Zhao at the Blockchain Partners Summit held in Seoul, South Korea on July 21.
Korea, has long been known as one of the largest and most vibrant electronic money markets in the world, occupying a large market share in the global trading volume. Therefore, Korea is always the target of the major exchanges, Binance is no exception.
Binance hired the Korean people
In addition to updating the Korean language, Binance recently appointed Jeon Ah-rim, a Korean man to be a local marketing director. Ah-rim previously worked at a Korean blockchain startup called Chain Partners.
The exchange also hired Christy Hyungwon Choi (Korean) as director of Binance Labs, a project like the company’s blockchain nursery focused on helping start-up companies. Choi’s previous work experience includes working at Bain & Company, a global management consulting firm.
Notably, the transaction volume on Binance is about 1.5 billion USD, according to statistics from CryptoCompare. As of March 2018, there are currently about 7.9 million registered users on the exchange. However, currently there are not many Koreans actively using Binance. This could possibly change because the Korean government recently eased their position on electronic money.
The Korean government switched to banning many types of cryptographic activities last year, especially anonymous electronic money accounts. Currently, perhaps due to fierce opposition and many petitions by Korean citizens against limiting crypto transactions, last month the Korean Supreme Court ruled that electronic currency as Bitcoin (BTC) is a legitimate asset.
Korean lawmakers are transitioning bills to regulate the domestic electronic money market and legalize ICO, under the close supervision of regulatory agencies.
Recently, as part of its market expansion plan, Binance also announced to expand into Africa with the launch of the first electronic money exchange in Uganda.
Changpeng (CEO of Binance) predicted that Binance’s net profit for 2018 will be about $ 1 billion and its total registered users will increase to about 10 million. Over the years, Binance was established in Beijing, China, and increasingly expanded.
The company moved its headquarters to Hong Kong last year, when the Chinese government planned to ban e-money transactions in September 2017. Since then, Binance has also established offices and business operations in Tokyo, Japan and Malta, countries with “electronic money-friendly policies.”