The biggest cryptocurrency exchange in the world in terms of trading volume Binance is now moving into South Korea with a plan to launch a new cryptocurrency exchange there.
Binance KR: A crypto-to-crypto exchange
This new South Korean crypto-to-crypto exchange “Binance KR” will be launched next week in South Korea on Binance Cloud.
Binance announced the news in a blog post on March 30. According to the announcement post, Binance KR is:
a crypto-to-crypto exchange for Korean users that leverages the core functionalities of Binance, such as the market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.
According to the schedule, the Korean exchange will open for registration and deposits on 2nd April, for trading on 4th April while for withdrawals it will open on 9th April.
Initially, on its launch, the crypto exchange Binance KR will support Binance KRW (BKRW) which is a stablecoin backed by South Korean Won. Binance KR will soon support open trading for BTC, ETH, BNB, and BKRW. Users in South Korea will also have the facility of converting South Korean Won into BKRW stablecoins. However, Binance says that the exchange will also add support for Tether (USDT) and Binance USD (BUSD) stablecoins very soon.
The launch of the Korean crypto exchange has come along with the news of Binance Ltd.’s acquisition of BxB Inc. which is the fintech company behind KRWb stablecoin. The CEO of Binance Changpeng Zhao said:
We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services
The launch of Binance KR is going to occur in the coming days and the functions will go live according to the set schedule.