To Penetrate South Korean Market
Malta-based cryptocurrency exchange Binance announced on Feb. 16 that it has opened cryptocurrency purchase services based on the 15 currencies including the South Korean won. Market watchers say Binance’s South Korean market penetration is likely to take shape based on the new service.
The other currencies include those of the United Kingdom, Russia, Australia, Switzerland, New Zealand, Sweden, Turkey, South Africa and Israel. As a result, the number of currencies that can be used for Binance-based cryptocurrency purchase increased from 20 to 35.
Cryptocurrency settlement services based on the currencies will be supported by Simplex, a service provider located in Israel. Users can purchase six cryptocurrencies, that is, Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin and Binance Coin on Binance and trade more than 200 cryptocurrencies with their Visa or Master credit cards.
On Feb. 13, Binance added the South Korean won to its wallets. At that time, main wallet functions such as deposit and withdrawal were not activated and there were no tradable markets. In the afternoon of the next day, Binance removed the won wallet from its list.
Under the circumstances, much attention is being paid to whether Binance will support the won wallet along with the new service. The exchange said that its official stance is yet to be determined and the determination will be made in accordance with its strategy for cryptocurrency accessibility enhancement. At present, the company is recruiting a compliance officer and customer center personnel in South Korea.