According to local news sources, Binance has a new partnership in the country with the former chairman of Kolon Group, South Korea’s chemical and textile conglomerate. cryptocurrency It is reported that he is in talks to establish the exchange.
Binance Will Re-enter South Korea Market
Colon’s honorary chairman, Lee Woong-yeol, is collaborating with other blockchain local firms to create the crypto trading platform that will appeal to government and financial officials.
If the virtual asset exchange promoted by Lee is allowed to be established, there is a possibility that there will be a change in perception regarding the Korean virtual asset exchange market. In particular, it is estimated that it may emerge as a competitor to Upbit, which has a market share of 88% and almost monopolizes the market.
South Korean authorities are enforcing strict new rules on crypto businesses that went into full effect last year to minimize the risks of money laundering and market manipulation.
According to local Korean news sources, he has shown an interest in blockchain-related business since the honorary president left in 2018 during a managerial change.
The news emerged as part of Binance’s plans to return to South Korea after withdrawing from this lucrative market in 2021. Prior to this alliance with Lee Woong-yeol, Binance had already bought a majority stake in GOPAX.
The deal was funded by the Industry Recovery Initiative (IRI), which the exchange founded in November to help mitigate the further growing negative effects of FTX’s collapse. At the time, CEO CZ had committed $1 billion to the fund in a public speech and stated that $1 billion would be added if needed.
*Not investment advice.
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