Binance Eyes Up South Korea as Next Conquest

Days after marking its first-year anniversary, leading exchange Binance is reportedly poised to enter South Korea.

Seeing more than $600 million worth of cryptocurrency traded every day, the South Korean market is the fifth-most active in the world.

While Binance - the world's largest exchange by trade volume - is yet to issue an official statement.

Where Binance may be keeping its cards close to its chest, actions tend to speak louder than words.

According to a report by Business Korea, Binance has already hired a number of Korean nationals - Jeon Ah-rim as local marketing director and Choi Hyung-won as director of Binance Labs - and plans to launch up to five local corporations in 2018.

The move may lag behind Binance's August 2017 addition of Korean language support, yet timing would appear to be calculated - following a string of pro-cryptocurrency regulatory initiatives by the South Korean government, including the recent legal recognition of exchanges such as Binance.

The South Korean government appears to be easing its hard-line stance but tabled a series of more accommodating legislation.

After announcing lifting its ban on domestic ICOs in May 2018, the South Korean government revealed plans to reduce taxes for blockchain startups.

Shortly after setting up shop in China in 2017, Binance moved operations to Japan in advance of the Chinese government's ban on cryptocurrency trading - but has since opened offices in Taiwan, and most recently revealed intention to relocate headquarters to Malta.

All questions of regulation aside, Binance will invariably face stiff competition in Korea.