Report: Binance Discussing Subsidiary in South Korea

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Major cryptocurrency exchange Binance could launch a cryptocurrency exchange subsidiary in South Korea, Block In Press reports. So far, however, the exchange has remained tight-lipped.

Binance CEO Changpeng Zhao (CZ) told the news outlet that there’s nothing concrete to announce at the moment but confirmed that the exchange was working with local partners.

But an unnamed representative of the exchange was also quoted in the report, refuting the idea that the launch of a Korean branch was imminent, stating that Binance has “not decided whether or not to establish a Korean subsidiary.”

“We have been discussing cooperation with BxB (a block-chain fintech company), but we have not made any specific decisions,” the representative said, according to the report. “We have not decided whether or not to establish a Korean subsidiary.”

Earlier in July 2019, CZ hinted at a South Korean expansion at a conference in Seoul, where he said that Binance would contribute to the growth of the local community.

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