Binance enters the Korean market with a special trading deal

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Updated on Apr 3, 2020

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Binance's expansion to South Korea is ready to begin, with Binance KR officially launching on April 6th.
Binance subsidiary based on cloud technology, and it will come with all of Binance's own functionalities.
Further, the exchange noted that for the first three months, it will not charge trading fees.

In the midst of the chaos that has surrounded the crypto market in recent weeks, Binance quietly announced its recent expansion to the Korean market. The world’s leading exchange said that Binance KR will go live within days. Now, however, it revealed that Binance KR will run on the cloud, and with zero fees.

Binance KR ready to open its doors to Korean traders

As many may remember, Binance announced its new subsidiary, Binance KR, in February 2020. Back then, its CEO, Changpeng Zhao, stated that the exchange expects Binance KR to become its biggest revenue source. He predicted that it is likely to happen over the next five years.

He also shared the plan to favor the markets in which Binance has yet to establish a strong presence. Now, the first step to making those plans a reality is ready to commence. Binance is entering South Korea, starting from April 6th. Furthermore, Binance KR will not release all of the Binance’s functionalities gradually.

Instead, everything will come at once. That includes spot trading liquidity, top-notch security, the advanced matching engine, and more. Also, CZ said that the new Cloud services will favor fiat exchanges. However, despite this, it will see the launch of Binance KR first, due to the recent acquisition of BxB Inc.

This is a fintech startup based in Korea, which launched Korean stablecoin KRW, backed by won. This is also the first won-backed stablecoin in the world.

Binance KR to feature zero-fees for the first three months

Zhao commented on the new move by saying that Binance is pleased to provide a digital asset platform for Korean users. He said that this will bring trading depth, transaction speed, and extra security of Binance to the Korean exchange. “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,” he concluded.

Despite the extremely successful move, Binance also announced more, seemingly unsatisfied by “only” expanding to the new market with its new cloud service. The new announcement also says that, for the first three months, the exchange will not charge trading fees.

Initially, Binance KR will list several assets, including BTC, BNB, ETH, and BKRW.