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Binance to reportedly launch South Korean branch

Seoul, South Korea.dconvertini/Flickr

Wed, 17 Jul 2019, 09:27 am UTC

A number of reports have been floating in the media suggesting that Binance, the world's largest cryptocurrency exchange in terms of 24-hour trading volume, is looking to enter the South Korean market.

CoinDesk Korea recently reported that a company called Binance LLC has been established in the country and has listed as Jiho Kang of BXB Inc., a firm offering a Korean won-backed stablecoin, as director.

In a report by BlockInPress via translation, Binance CEO Changpeng “CZ” Zhao appears to have given a statement that the company was working with local partners without disclosing any further details.

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

Furthermore, a Binance representative has denied the reports of the establishment of the Korean branch. The representative said:

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

Interestingly enough, Binance also put up a job posting for an interesting position, CoinDesk reported. The job description reads, “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.”

As for the responsibilities of the applicant who will gain this position, among them is to “Work with the MLRO on internal compliance policy review, including ongoing assessments, assisting with compliance review, internal audit reviews and ongoing or ad hoc reviews.” The job posting is also quite specific in what it needs from those who will gain this position.

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

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