The CEO and founder of the world’s largest crypto exchange Binance, Changpeng Zhao, has reportedly planned to re-enter the Korean market.

Binance is reportedly re-entering Korea

As per a recent exclusive report by a local media news outlet, Zhao met with Maeil Economic daily at VivaTech 2022 in France on June 16, announcing his strategy to re-enter the Korean market.

Notably, Binance launched a Korean branch (Binance KR) in July 2019 but stopped its services in Korea later in 2021 due to massive regulatory pressure. The government was strengthening regulations such as the Specific Financial Information Act (Special Provisions Act). The exchange said at the time:

“As Binance is constantly evaluating its product and service offerings to proactively comply with local regulations, we will be discontinuing offerings, including in Korea, effective immediately.”

With one of the world’s largest virtual economies, a strong talent pool, and a thriving startup ecosystem, Korea remains a desirable market for Binance.

“What [Terra/Luna] made was not an actual income,” CEO Zhao remarked of the LUNA’s catastrophic shock, which destroyed the virtual asset market in the nation. He said that the investors must not conflate the market value of tokens with their earnings.

Rapid expansion

Binance’s rapid expansion plans are not hidden from anyone. The exchange is working on solidifying its presence in different nations’ crypto markets. CZ also hinted at the exchange’s plan to recruit new talent during these adverse times. He explained, “In order for Web 3.0 to become a reality, popularization is ultimately the key, and Binance’s ultimate goal is to become a platform for this.”

Binance Labs recently closed a new $500 million investment fund to expand crypto use cases and drive the Web3 and Blockchain technologies adoption.