Crypto exchange Binance is preparing to enter the Korean market for the first time.
According to a company blog post on March 31, the Malta-based exchange will soon open Binance KR for trading. The crypto-to-crypto exchange is so named for South Korean traders.
Binance KR will be launched on Binance Cloud and offer the “market’s deepest spot trading liquidity, most robust matching engine, and most advanced state-of-the-art security, custody, and risk controls.”
The exchange will also support Binance KRW (BKRW), a stablecoin backed by the South Korean Won (KRW). Users can trade in Bitcoin (BTC), Ethereum (ETH), and the firm’s signature Binance Coin (BNB). By supporting stablecoins, Binance KR will allow Korean traders to easily convert their country’s fiat currency into BKRW.
Open for deposits using KRW starting April 2
The launch of Binance KR comes right on the heels of the crypto exchange announcing the purchase of fintech firm BxB, the ones behind KRWb, the world’s first KRW-backed stablecoin. Binance had been hinting at a potential expansion into Korea for some time, but nothing had been confirmed until this week.
Jiho Kang, CEO of Binance Ltd., said:
“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.”
Binance KR will open for registration and deposits on April 2 at 10:00 AM KST, with trading being allowed from April 4. Withdrawals will not be available until April 9.
COVID-19 prevention measures still in place in South Korea
Measures to prevent the spread of the coronavirus are still in place in the Korean peninsula. While some bigger cities like Seoul and Daegu discourage citizens from going out, all of South Korea will soon require anyone flying into the country to remain isolated for two weeks.