Binance is entering the South Korean market, through the imminent launch of Binance KR, the first global use case of our Binance Cloud solution unveiled last month.
Upon launch, Binance KR is supporting Binance KRW (BKRW), a BEP-2 stablecoin backed by South Korean Won (KRW). BKRW has recently been listed on Binance.com.
Binance KR will support open trading for BTC, ETH, BNB, and BKRW, soon to be followed by USDT and BUSD. In addition, Korean users will be able to easily convert South Korean Won into BKRW stablecoins, which can then be used for trading.
Binance KR’s launch comes with news of Binance Ltd.’s acquisition of BxB Inc., the fintech company behind KRWb, the world’s first KRW-backed stablecoin. Binance previously announced that it had formed a partnership with BxB to work together to be fully compliant while bringing mass-market crypto services to South Korea.
Binance CEO Changpeng Zhao (CZ) said:
“We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services.”
Binance Ltd. Co-CEO Jiho Kang said:
“Binance Ltd.’s trading platform will provide cross-border liquidity and robust technology of Binance.com as well as the new BKRW stablecoin, which is backed by the South Korean won. We are committed to bringing a fully compliant world-class digital asset exchange to the Korean market via Binance Cloud and BKRW. We are honored to partner with Binance to work towards our mutual mission of increasing the freedom of money together.”
Binance Ltd.* will present more products to help Korean users experience the exchange more easily.
Binance KR is launching in the coming days, with the following functions scheduled to go live:
April 2, 2020, 1 AM UTC (10 AM KST): Open for registration and deposits
April 6, 2020, 1 AM UTC (10 AM KST): Open for trading
April 9, 2020, 1 AM UTC (10 AM KST): Open for withdrawals
* Binance Ltd. is the entity that acquired BxB Inc. of South Korea. It offers several products including Binance KR (trading platform), BKRW (KRW backed stablecoin), and others to follow in the future. Binance KR i_s covered by the Binance SAFU fund._
