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 exchange has been quite active in its hiring operations as reported by Businesses in Korea. As recently South Korea and China have been busy creating a policy regulatory body for cryptocurrency and ICO, this move by Binance seems to be calculated enough for its 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. As China and South Korea are two quite active ICO markets it is expected the regulatory policies they bring around are in favor of cryptocurrencies and their growth.
Recently a South Korean exchange Upbit was raided indicating that the authorities 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.