Binance, the biggest crypto exchange in the world, has announced its decision to enter the Southeast Asia market again. It is reportedly starting its business ventures with South Korea.
CZ, the CEO at Binance, announced this while speaking with a Korean news source at VivaTech in France.
Binance Ventures Into South Korean Crypto Market First
According to a report, CZ has been meeting with multiple Southeast Asian Nations in line with achieving the firm’s aim. Binance aims to expand its horizon and leadership tentacles in the fast-rising blockchain and web3 technology.
Additionally, it plans to achieve this by expanding its partnership and membership base across the globe. Furthermore, its first mission is to complete the South Korean expansion.
South Korea reportedly has one of the biggest crypto economies filled with an efficient business community and talent pool. Its features are very enticing for business, this is why Binance is bent on fully establishing itself in the region.
Binance was once operating in the Southeast region. However, in June last year, the giant crypto exchange left the region due to its strict and unfavorable crypto rules.
Binance Sets To Explore All Other Southeast Asian Markets
In the interview, CZ divulged the plans of the firm to re-enter the region’s market once more. He said that Korea’s market is full of major talents and M&A that are worth recruiting.
He furthered that Web3 needs good publicity to fully emerge and become a reality. And the firm aims to be the best platform for Web3 popularization.
According to the report, Binance is not working only in Korea. It is also going to enter the Vietnam, Philippines, and Malaysia markets. It plans a massive herald of crypto, blockchain, and Web3 technologies aiming to increase their global adoption.
CZ considered NFTs, crypto, and metaverse as the future of the global economy. Furthermore, he believed South Korea is the only country that can attain the U.S’s height in the adoption and usage of financial technologies.
Crypto Industry Rapidly Rising In South Korea
Statistics show that South Korea is rapidly growing in crypto adoption. It is considered one of the countries with a fast-rising crypto community. But, due to Terra’s case, it received severe corrections from regulators to secure investors and also maintain fair trading activities.
Furthermore, the country is set to reveal a task force digital asset task force soon.
Initially, the Binance CEO had affirmed that he would only venture into nations that are favorable to crypto. Hence, with the potential re-entry, Binance is okay with the South Korean crypto regulations.