During a press conference at the Web Summit 2022 held in Lisbon, Portugal on Wednesday, chief executive officer (CEO) Changpeng Zhao announced that Binance, the largest digital asset trading platform in the world, is getting ready to enter the South Korean cryptocurrency market.
According to Zhao, Binance is getting ready to register with South Korean financial authorities by adhering to local laws, according to South Korean news agency News1.
All digital asset trading platforms must adhere to stringent South Korean anti-money laundering regulations, which include obtaining an information security certification and partnering with a local bank to give customers real-name deposit and withdrawal accounts.
Binance opened an office in Korea in 2019 and provided cryptocurrency trading services there from April 2020 until it shut down in December of the same year. In 2021, it also stopped providing international trading services for South Korean won since local officials forbade unregistered foreign exchanges from providing services to citizens of Korea.
The international cryptocurrency exchange teamed with the city of Busan in South Korea in August of this year to assist the city in developing its own digital asset exchange and expanding its blockchain ecosystem. Since then, Busan has established alliances with FTX, Huobi Global, Crypto.com, and Gate.io for the same project.
In accordance with the agreement, Binance stated it is opening a new office in Busan, Korea. At the time, the company had not yet made any plans to re-enter the local cryptocurrency market.