Binance denied the plans to open crypto-fiat exchange in South Korea

The information about the upcoming crypto-to-fiat exchange proved to be unconfirmed.
However, Binance has obviously made some steps in that direction.

Tanya Abrosimova Independent Analyst

One of the world's largest cryptocurrency exchange Binance denied the rumors about its plans to launch a crypto-fiat trading platform in South Korea.

The news was first announced by The Block, citing some local media outlet. However, Binance spokesperson said that the information was not confirmed.

"We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details."

Meanwhile, CoinDesk reported that Binance was in talks with the regulators of South Korea and had already registered a subdivision called Binance LLC. Jiho Kang will become a direcor of the new company.

Currently, Jiho Kang is a managing partner and a co-founder of KRWb project launched by BXB. The company is known as an issuer of a stablecoin backed by the South Korean won.

Also, the company posted a job for a Compliance Officer in South Korea.

“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.”

It is worth noting that the exchange opened a crypto-fiat exchange on Jersey.

Author

Tanya Abrosimova

Independent Analyst

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