CEO of the world’s largest crypto exchange, Binance, based on the 24th volume in the world, Changpeng Zhao also known as “CZ” was preparing to re-enter into South Korean market.
According to Korean Media, Binance founder CZ attended the Viva tech 2022 site in France on 16th, and Binance is considering re-entering the Korean Market. He said, “It’s not easy, but we’re seeing.”
According to Korean media, Binance founder CZ said on the 16th that Binance is considering re-entering the Korean market. Binance established Binance KR in July 2019, and then withdrew from South Korea in January 2021 due to regulatory policies. https://t.co/zqeQY4a634
— Wu Blockchain (@WuBlockchain) June 17, 2022
Korea, which has one of the world’s largest pools and startup communities, is still an attractive market for Binance. South Korea is becoming a powerhouse in all Web3 sectors, including Metaverse and Crypto. A lot of Koreans hope Binance will come back to Korea soon
In this regard, CEO Zhao also said on Twitter, “Binance had a Korean joint venture (JV) partner with Binance in 2019, but the business was shut down due to regulatory issues due to poor conduct and user environment”.
Binance had a JV partner in Korea in 2019. The product wasn’t done well, UX was bad, not competitive. So, we shut it down. Not regulatory related.
Hope that clears that up.
Google: Cunningham’s Lawhttps://t.co/KBPuRs1zxE.
— CZ 🔶 Binance (@cz_binance) June 17, 2022
According to Bloomberg, the wealth of the world’s five richest people has evaporated by about 345 billion dollars this year, of which CEO Zhao lost the most with 85.6 billion dollars.
Although CZ did not reveal exactly how Binance intends to re-enter the Korean market, Binance CEO “CZ” had cleared his intention to expand only in the well-regulated crypto nation like the Philippines, Malaysia, and Vietnam.