Binance gears up to launch new exchange in South Korea

Binance gears up to launch new exchange in South Korea

  • Binance will launch a new crypto-to-crypto exchange within the borders of South Korea.
  • Interestingly enough, this is the first local exchange Binance has developed.
  • With this, Korean users will be capable of converting KRW into BKRW stablecoins.

Through a public announcement originally made on Tuesday, Binance explained that this new exchange would be called Binance KR. The exchange itself is set to open for registration and deposits quite shortly, on the 2nd of April, 20202.

Afterward, two days will be given before trading commences, officially starting on the 4th of April 2020. Lastly, withdrawals will be enabled on the 9th of April, almost a week after trading will begin.

Furthermore, Binance’s new stablecoin, backed with South Korean Won, or KRW, will be available at the exchange. The Binance KRW, or BKRW as its ticker signifies, will be immediately available to support Binance KR’s trading within the country.

Full Fiat Workaround

With these stablecoins in hand, they will be capable of trading in the heavyweight coins of the crypto industry, Bitcoin (BTC), and Ether (ETH). Furthermore, Binance will enable to the trading of the Binance Coin (BNB) alongside BKRW.

The news of the launch of Binance’s Korean wing, Binance KR, comes shortly after news that Binance Ltd managed to acquire BxB. BxB happens to be the fintech company that developed KRWb, one of the few stablecoins developed that was backed by the KRW. What’s interesting is it was just a matter of months ago when Binance had invested into BxB for the first time.

Something important to note in this subject matter is that BxB will not be the one offering Binance KR and BKRW. Instead, Binance Ltd will be the entity that does so. 

The Many Local Integrations

Changpeng Zhao commonly referred to as “CZ,” had also given the mandatory public statement about the matter as a whole. He explained that he and his company are pleased to help provide for users inside Korea with a digital asset platform.

Zhao stated that this platform would bring transaction speed, trading depth, as well as security to the Korean crypto arena. Furthermore, Zhao noted that the company’s overall decision in regards to the listing of trading pairs with BKRW would allow for the crypto industry in Korea to seamlessly integrate with the world’s cryptoverse.

By Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications. Raza is the co-founder of 5Gist.com, too, a site dedicated to educating people on 5G technology.

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