Binance Looks To Return To South Korea Years After Exit

Binance looks to return to South Korea, 17 months after their exit from the country and shutting down the affiliate so let’s see what the reason is behind the return plan in our latest Binance news.

The leading crypto exchange Binance looks to return to South Korea 17 months after the platform stopped serving traders in the country. The CEO Changpeng Zhao revealed that the company’s intentions are to come back to the country, which is the first time Zhao talked about a possible re-entry into the Korean markets in 2021.

At the time, Binance said the move was due to low usage and transaction volumes and the Korean affiliate at that time was leveraging the functionalities of its parent company including order books and liquidity as well as operations that were about to be banned in the country which is why the best option was to shut down the local exchange. Aside from closing the division, Binance discontinued South Korean language support and removed the won tradign pairs on the global platform in complaince with local regulations. Zhao didn’t reveal how Binance aims to re-enter the Korean market but they could do so by merger and acquisition.

Zhao mentioned that the bearish market presents the best opportunity for recruiting key talent and acquiring startups while also commenting on the recent Terra fiasco that affected hundreds of Korean investors. He said that TErra didn’t generate actual income and people should not be confused with the market value tokens and their earnings. However, CZ is still optimistic about the industry and web 3.0 technologies as well as the metaverse:

“The bubble bursts, but eventually, the technology remains. Just like the Internet, in 10 to 15 years, NFTs and blockchains will completely enter our lives, and we will not use the term itself.”

While other crypto exchanges are firing parts of their workforce, Binance is hiring. According to the reports, Binance is making the most of the crypto winter and Zhao said the exchange was expanding the hiring right now. Binance co-founder Yi He also said that there were 2000 roles for product, engineer, and marketing jobs and added that the crypto space is still in its early stages and that is a great time to bring some talent to the platform. Most other exchanges and big companies are cutting staff as the price of the crashing market.