Binance, a leading crypto exchange platform is planning to set up an office in South Korea. This will enable the firm to widen its territory and reach out to more users.

Binance has been very influential in the crypto industry while this move is not far from expectations.

It was reported by CoinDesk that Binance is poised to set up a new office in South Korea. Binance CFO, Wei Zhou, will be acting as the co-representative for the firm at the new office. According to the report, the company had registered Binance Co.Ltd with local authorities already, on 29th October 2019.

South Korean “won” is the third-largest national currency traded against bitcoin. Because of this, the company’s establishment there is a step in the right direction.

South Korea, on the other hand, has been making tremendous efforts to adopt the blockchain technology across their various industries. Their Financial Services Commission has early on established a fintech regulatory sandbox. The Korea Internet and Security Agency has recently announced its plans to provide massive financial support to blockchain-based start-ups.

Just last week, Binance released an android app that allows users to trade futures contracts using their smartphones. Its iOS support is scheduled to be released next week.

The exchange is also planning to set up another office in China, specifically Beijing, to complement the Shanghai office. This report came during the period when the Chinese president, Xi Jinping, had given blockchain technology its endorsement.

However, their decision on the Beijing office is not finalized yet, since China continues to impose more restrictions on crypto. This was evident in a tweet by the CEO, CZ.

When China moves, it moves fast! Considering it is the largest body of population on the planet. It's incredible.



Don't get left behind. Embrace it. https://t.co/4eSJGATocw — CZ Binance (@cz_binance) October 28, 2019

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