Handling almost 1.39 billion dollar volume of cryptocurrency trades per day, Binance is ranking at number one position as per the trade volume. To add more to its volume handling, Binance Exchange is making a move to create a strong foothold in South Korea that claims to be trading around multiple cryptocurrencies and tokens with high volumes.
There has been no official announcement yet but the Blockchain Partners Summit conducted in Seoul on July 22, 2018, witnessed the Binance CEO Zhou emphasizing on how South Korea has become the fifth busiest cryptocurrency trade market.
Binance Expands Hiring Amid Regulatory Developments in Korea and China
Binance exchange has been quite active in its hiring operations as reported by Businesses in Korea. As South Korea and China recently focused on creating regulatory bodies for cryptocurrency and ICOs, Binance’s move appears to be a calculated step toward long-term stability.
The market of cryptocurrency has been very rough in early 2018, with a slightly bullish trend we are witnessing now is boosting Binance exchange to indulge further into space as they declared that they are planning 5 local country moves.
Cryptocurrency platforms have been facing a multitude of challenges with the governments trying to bring around regulatory policies. Since China and South Korea are highly active ICO markets, experts expect the regulatory policies they implement to favor cryptocurrencies and support their growth.
Authorities recently raided the South Korean exchange Upbit, signaling that they are keeping a close watch. As South Korean government lifted the ban on ICOs in May 2018 and is planning to exempt blockchain startups from taxes and offering incubation facilities, Binance seems to be eyeing these opportunities in its favor. Binance Exchange has been an experienced player of shifting its operations as happened when they moved to Japan after cryptocurrency trade was banned in China in 2017. Although Binance must be ready to face some good competition as the cryptocurrency exchanges of South Korea, have matured enough.
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