Binance is launching a new exchange in South Korea next week
Quick Take
- Binance is launching a new crypto-to-crypto exchange in South Korea
- The new exchange, Binance KR, would open for registration and deposits on April 2
- Bitcoin and ether would be supported for trading at launch
Binance is launching a new crypto-to-crypto exchange in South Korea next week.
Announcing the news on Tuesday, Binance said the new exchange, Binance KR, would open for registration and deposits on April 2. Trading would open on April 4, while withdrawals on April 9.
Binance KR would support Binance KRW (BKRW) stablecoin at launch. The stablecoin is backed by South Korean won (KRW) and recently got listed on Binance.com.
Korean users will be able to convert KRW into BKRW stablecoins, which can then be used for trading bitcoin (BTC), ether (ETH), Binance coin (BNB) and BKRW.
Binance said the new exchange would also “soon” support Tether (USDT) and Binance USD (BUSD) stablecoins for trading.
BxB acquisition
Binance KR’s launch comes with the news of Binance Ltd.’s acquisition of BxB, the fintech company behind KRWb, a KRW-backed stablecoin. Just last month, Binance invested in BxB.
It is worth noting that Binance Ltd. is the entity that would offer Binance KR and BKRW.
“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,” said Binance CEO Changpeng “CZ” Zhao. “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.”
Binance Ltd. co-CEO Jiho Kang said the firm is “committed” to bringing a “fully compliant” crypto exchange to the Korean market via Binance Cloud and BKRW. Binance Cloud is an infrastructure solution launched last month, for the exchange’s customers and partners to launch crypto exchanges leveraging its technology and liquidity.
Binance KR is the fifth local exchange of Binance. The other four separate exchanges are in Singapore, Jersey, Uganda, and the U.S.
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