Leading exchange Binance plans to open an office in the South Korean market is the third largest cryptocurrency market after Japan and the United States.
In South Korea for several years was dominated by two major platforms for trading digital assets: UPbit, designed and created Dunamoo — subsidiary company Kakao Corp; and Bithumb, 2017 occupying almost 90% of the market.
However, the hacking Bithumb, which was stolen cryptocurrency $31 million and the questionable decision of the exchange to continue the suspension of deposits and withdrawals, prompted local investors to reconsider their attitude to the exchange and to turn to alternative options.
If Binance is a niche market in South Korea in 2018, it will compete with Huobi, Gopax, Korbit, Coinone, Coinnest, OKCoin Korea, and also with UPbit.
All of the above platforms in the financial and strategic plan supported by some of the most influential conglomerates in South Korea. For example, Gopax and Korbit funded by Shinhan Bank and SKT is the second largest Bank in the country and the largest telecommunications Corporation.
The South Korean government is drafting a bill on bitcoin and the blockchain, according to which cryptocurrency will operate as regulated financial institutions.
According to representatives of the Binance, the company now evaluates local policies around cryptocurrency exchanges and come out on the market of South Korea after the final decision of the local financial authorities.