The growth in the cryptocurrency industry has been made possible by the presence of crypto exchanges, and in that regard, Binance has been one of the most influential. In a new development that should come as a major boost to the crypto sphere, the crypto exchange announced that it is all set to launch its operations in South Korea.
Major Details
Binance acquired the Fintech company BxB Inc and is now going to turn it into a global exchange for South Korean customers by way of a cloud platform. This is a significant development for the company as well as for the crypto trading community in South Korea.
The exchange will be crypto to crypto in nature and will provide South Korean customers with the functionalities of Binance that have made it one of the most popular crypto exchanges in the world. The announcement was made by the Chief Executive Officer of the exchange, Changpeng Zhao, through a tweet. He said, “Hello South Korea.” Fiat deposits are going to be restricted at this point, but customers can use a stablecoin developed on Binance Chain to start their trading activities.
Removes 15 Trading Pairs
On March 27, the exchange made another important announcement that could have far-reaching effects on the crypto sphere. The company announced that it is going to remove 15 trading pairs from the platform in order to further improve liquidity and enhance the trading experience for users.
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Binance previously removed 10 trading pairs earlier in March. Exchanges are known to remove certain trading pairs when those pairs prove to be non-liquid. These non-liquid pairs generally involve altcoins that are not as frequently traded.
Are you excited for Binance’s move into the South Korean crypto market?
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