Binance is in talks to establish a local entity in South Korea

Binance, the world's largest cryptocurrency exchange by trading volume, is in talks to establish a local entity in South Korea, according to sources familiar with the matter.

It was reported by local news outlets that Binance was planning to open a local fiat-to-crypto exchange in the country. However, Binance spokesperson told The Block that that's not the case as of now.

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Binance CEO Changpeng Zhao (CZ) was quoted as saying: "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."

Indeed, The Block reported in January that Binance was considering an expansion to South Korea, among other countries such as Russia, Argentina, and Turkey.

UPDATE: This story previously said that, according to local news outlets, Binance was planning to launch a fiat-to-crypto exchange, which is not the case per Binance spokesperson.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.