Binance cryptocurrency exchange enters the South Korean market with the upcoming launch of the Binance KR trading platform. The company reports about this in its blog.
Binance KR will be the first exchange based on the Binance Cloud solution. It allows local players to use the Binance infrastructure, open trading in the spot and futures markets, connect to banks through the API and launch peer-to-peer exchange services in pairs with digital and fiat currencies.
Binance KR will offer Korean users cryptocurrency-cryptocurrency exchange services and “Binance key functionality, including the deepest spot market liquidity, a more reliable trading engine, security, storage and risk control tools.”
At the launch stage, Binance KR will support the stablecoin Binance KRW (BKRW), released in the format of a BEP2 token and tied to the Korean won. BKRW has also been listed on Binance.com. Users from South Korea will be able to exchange fiat currency to BKRW and then use them for trading. Also, Bitcoin, Ethereum and Binance Coin will be presented on the exchange, and soon after launch – USDT and BUSD.
In today’s announcement, Binance has confirmed the information on the acquisition of the Korean crypto startup BxB Inc. In January, it became known that the company had “invested” in BxB stablecoins, which were aimed at expanding in the local market.
Then the exchange said: “We are currently discussing specific ways to interact with BxB. We are building long-term plans to establish leadership in the Korean cryptocurrency market. ”
Registration on the Binance KR platform will open on April 2, trading will be launched on April 4, and starting April 9, users will be able to withdraw their assets.