The world’s largest crypto exchange Binance plans to re-enter the South Korean market amid its mission to expand in Southeast Asia. Binance’s CEO “CZ” announced his plan to re-enter South Korea in an interview with Korean media at the VivaTech 2022 in France.
Binance To Re-Enter the South Korean Crypto Market
Binance’s CEO is currently visiting many Southeast Asian countries to establish its leadership in the next wave of blockchain and web3 developments through expansion and partnerships. In order to complete its mission, the South Korean expansion will be the most important for Binance.
South Korea has one of the world’s largest crypto economies, an excellent talent pool, and a startup community, which is still an attractive market for Binance. The crypto exchange exited South Korea in January 2021, because of strict rules and regulations such as the Specific Financial Information Act (Special Provisions Act).
Binance CEO “CZ” in an interview with South Korea’s Maeil Economic Daily said:
“We are looking at re-entry into Korea. A good time for recruiting key talent and M&A is approaching. In order for Web 3.0 to become a reality, popularization is ultimately the key, and Binance’s ultimate goal is to become a platform for this.”
Binance is rapidly expanding into other Southeast Asian countries including the Philippines, Malaysia, and Vietnam to increase the adoption of cryptocurrencies, blockchain, and web3 technologies. Binance CEO “CZ” believes blockchain, NFTs, and metaverse will be the future.
Moreover, he thinks probably only South Korea can match the U.S. on the integration of crypto with traditional financial institutions and banks.
South Korea’s Changing Crypto Landscape
South Korea has become one of the most progressive crypto countries in the world. However, after the Terra crash, the country has tightened crypto rules and regulations for investor protection and fair trading practices. Moreover, South Korea will set up a digital asset committee for crypto oversight.
Binance’s CEO “CZ” had cleared his intention to expand only in well-regulated crypto nations. Thus, the increasing crypto regulation and adoption in South Korea suits Binance.
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Source link By Varinder Singh