Binance is entering the South Korean market. Binance KR, a crypto exchange would officially be launched on Binance Cloud. Notably, this would offer South Korean users with risk control measures, custody, matching engine, and unrivaled spot trading liquidity in the crypto markets, among others.
As per Binance’s official blog post, it would roll out support for a stablecoin pegged to Korean Won, Binance KRW (BKRW), which also allows quick conversion of the country’s fiat into the digital asset. Traders can also perform transactions that involve Binance Coin (BNB), Bitcoin (BTC), and Ethereum (ETH). Previously, industry reports had been hinting about Binance’s plans of entering the South Korean market; however, it was only this week that the developments had been confirmed.
The official launch of Binance KR coincides with the announcement of the exchange’s acquisition of BxB, the fintech firm behind KRWb. Notably, it is the first stablecoin whose value is tied to the Korean Won.
The chief of Binance Ltd, Jiho Kang, said that the exchange is committed to its goal of bringing a world-class crypto exchange to South Korea. He also touted that everything is fully compliant, from Binance Cloud to BKRW, and that they would continue to pursue more innovative developments in the future.
As per the official announcement, Binance KR would officially open its doors on April 2, beginning at 10:00 AM KST. Two days would be allowed for registration and deposits. Actual trading would roll out on April 4, but users would not be able to withdraw until April 9.