Binance to Open South Korean Exchange with BxB Acquisition

Binance, a leading crypto exchange, has entered the South Korean market and will launch a local crypto exchange on its white-label platform Binance Cloud.

Dubbed Binance KR, the exchange will initiate registration and deposits on April 2 while the trading will open on April 4.

Announced on Tuesday, this will be the first digital currency exchange on Binance Cloud. Binance first unveiled its white label solution last month, allowing local enterprises to easily set up their crypto exchange.

To facilitate trading, the global exchange giant has recently introduced Binance KRW (BKRW), a BEP-2 stablecoin backed by South Korean Won (KRW), which will be the base currency for Binance KR.

The announcement also detailed that initially, the new exchange will support trading with Bitcoin, Ethereum, Binance Coin, and BKRW, however, it also has plans to add two more stablecoins - USDT and BUSD.

Commenting on the new South Korean platform, Changpeng Zhao, chief executive of Binance, 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.”

Acquisition spree continues

Though Binance dominates in the global market, its presence in the South Korean market was limited. To strengthen its mark in the peninsular country, the exchange acquired BxB Inc., after a partnership deal between the two.

However, Binance is entering the South Korean market at a time when the local giants are seeing a significant fall in their volumes over the past couple of years.

“Binance Ltd.’s Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term will provide cross-border Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term and robust technology of Binance.com as well as the new BKRW stablecoin, which is backed by the South Korean won,” Jiho Kang, co-CEO at Binance, added.

“We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”