Binance Considers Re-Entering the Korean Market 

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Key Takeaways: 

  • Changpeng Zhao talks about Binance resuming its services in Korea. 
  • He is optimistic about the recent market crash. 

In 2021, Binance, one of the world’s leading cryptocurrency exchanges, discontinued its services in Korea owing to low usage and volume. Since then, this is the first time the founder of the company, Changpeng Zao has talked about a possible re-entry into the Korean market as a cryptocurrency trading platform for native users. 

While attending the Vivatech 2022 site in France, CZ shared the information during a meeting with Maeil Economic Daily and said, “It’s not easy, but we’re seeing.” He also cited a few reasons why Binance withdrew services from Korea abruptly in January and talked about the movements that were taking place about the Specific Financial Information Act. 

He further mentioned, “Binance had a Korean joint venture (JV) partner with Binance in 2019, but the business was shut down due to regulatory issues due to poor product and user environment (UX) and lack of competitiveness. It wasn’t.” 

CZ also talked about the crash of Terra/Luna and said that the revenue earned through the coin was not “an actual income.” He clarified that the market value of tokens should not be confused with their earnings. 

The CEO also displayed a positive attitude towards the current bearish trend of the market and thinks this is the ideal time to recruit more talent. That is why, unlike all other companies, Binance has not announced any hiring freeze. 

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Shreya Bhattacharya
Shreya Bhattacharya

A journalist & writer exploring new topics every day!

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