April 2, 2020 – Binance adds a new local exchange in its portfolio as it sets to launch Binance KR in South Korea.
In a statement, Binance said its local South Korean exchange will be the first global use case of its Binance Cloud Solution. Binance KR will leverage the core functionalities of Binance, like its spot trading liquidity, matching engine, security, custody, and risk controls. Binance CEO Changpeng “CZ” Zhao earlier said such a solution will allow their local partners to focus on users and local fiat access.
Binance KRW (BKRW), a stablecoin backed by the Korean Won and also recently listed on Binance.com will also be listed on Binance KR on launch day. Furthermore, Binance KR will be supporting BTC, ETH, BNB, and BKRW. USDT and BUSD will soon follow. Users will be able to easily convert Korean Won to BKRW.
BKRW is a stablecoin by the fintech company BxB, which Binance Ltd. recently acquired. Binance Ltd is the entity that will offer Binance KR.
This is the launch timeline of Binance KR:
- 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 is recently in the news for its plans to acquire Coinmarketcap, the leading price and information aggregator in the crypto industry. The deal is reportedly set for $400 million, making it one of the largest acquisitions to date in the industry.
This article is published on BitPinas: Binance to Launch in South Korea