According to a recent report, Mr Feng Xindeng Zhao who is the head of the global crypto exchange Binance has revealed that very soon, the firm might be launching a Korean subsidiary.

He said:

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“We do not know the details related to the establishment of the Korean branch,” Zhao told reporters at the block in a press release on the 16th, “We are working with local partners, but we do not know the details.”

Initially, a global representative of Binance stated that the news was gainsaying.

He said:

“I do not plan to establish any office in Korea,” “We have been discussing cooperation with BxB (a blockchain FinTech company), but we have not made any specific decisions,” he added.

He further stated that:
“We have not decided whether or not to establish a Korean subsidiary.”

Recently, there have been several discussions regarding the launching of a new branch in several location. ‘Binance LLC’ was registered as an establishment of a domestic corporation with a co-representative of Binance Kang Ji- ho as director.

Although, there has not been any reaction from the Chief Executive Officer of Binance Changpeng Zhao who is usually very active on social media giant Twitter reporting every new development in the exchange, he previously mentioned at the Blockchain Partners Summit in Seoul on July 2018 that there is a possibility that the exchange will be expanding to Korea. He further noted the importance of the South Korean market and how the exchange will help grow its digital assets industry.

Another spokesperson from Binance reportedly said that the question of launching a local branch in South Korea is “not the case” to date.

Meanwhile, major global exchange Huobi has officially announced plans to expand operations to Turkey, where 20% of residents are reportedly in possession of a form of crypto.


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