Binance Looks to be Considering a New Crypto Exchange Opening in South Korea

It has been recently revealed that renowned cryptocurrency exchange, Binance, has plans to consider further expansion. In particular, it has been noted that a potential branch will be opened in South Korea. According to the news outlet, blockinpress, talks surrounding this respective endeavor was first announced on Tuesday, July 16, 2019, but a final decision has yet to be made.

Here’s as per the closest translation available in which a global representative of Binance said the following:

“We have been discussing cooperation with BxB (a blockchain FinTech company), but we have not made any specific decisions. We have not decided whether or not to establish a Korean subsidiary.”

The former is somewhat contradictory to what the CEO of Binance, Changpeng Zhao (CZ) has been sharing, as the latter deems that a South Korean branch is set to happen. As per CoinTelegraph, who has since referenced The Block, said launch is “not the case,” says an unnamed source.

Binance’s hopes to establish in South Korea was supposedly first revealed in July of 2018, with CZ indicating this move as contributing to the overall growth of the crypto market.

Binance Seeks Compliance Officer for South Korea Role

Coin Desk has since reported that the cryptocurrency exchange has since been looking for a Korea-based compliance officer for their expansion goals. In particular, it was quoted saying,

“We are seeking a Compliance Officer to support our expansion into all global frontiers, including KYC, Client Onboarding and AML/CFT. The role is based in Seoul, South Korea.”

Some of the preferred skills for this position entails,

“Good knowledge on provisions of local laws, directive regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

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