Binance has announced the launch of a new exchange, Binance KR, aimed specifically at users in South Korea.
After launching Binance US for American users months ago, the exchange now offers a version adapted for the Korean market.
In fact, not only is South Korea a very interesting market for cryptocurrencies, but it also has its own specific regulations that require exchanges to be registered and authorized, to comply with specific rules.
The country, which has less than 50 million inhabitants, there are already several authorized crypto exchanges in operation, with the result that the BTC/KRW trading pair (i.e. the Korean Won) on the Bitsonic exchange is larger in volume than the BTC/USD trading pair on Coinbase Pro, for example.
In addition, there are two exchanges that have daily volumes exceeding $100 million with the BTC/KRW pair, whereas for example, there is no exchange that exceeds $100 million per day of trading volume on the BTC/EUR pair.
The launch of Binance KR will take place on April 2nd, which is when registrations will start and deposits will be enabled.
The new exchange for the Korean market will also integrate a stablecoin anchored to the value of the Korean Won (KRW), called BKRW, and based on a BEP-2 token on Binance Chain.
In order to launch this stablecoin, Binance Ltd. has acquired BxB Inc., a fintech company that created the world’s first stablecoin anchored to the Korean Won, KRWb.
During the first phase, users will be able to exchange BTC, ETH, BNB and BKRW, while USDT and BUSD will be added later.
Users will be allowed to convert South Korean Won to BKRW tokens for trading.
Trading will start on April 6th with the BTC/BKRW, ETH/BKRW, BNB/BKRW pairs.
The new exchange has been developed with Binance Cloud, an infrastructure solution that allows the creation of crypto exchanges utilizing Binance’s liquidity pool.
The CEO of Binance, Changpeng CZ Zhao, 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 Korea Won in order to expand our local services”.
The co-CEO of Binance Ltd., Jiho Kang, added:
“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 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”.