Binance CZ on opening Korean exchange: 'Competition is getting fiercer'

05 Apr, 2019
by Jelmer van der Dussen
Exchange
Binance CZ on opening Korean exchange: 'Competition is getting fiercer'

Binance will only do business in countries where the government welcomes the exchange, CEO Changpeng Zhao said on a press conference with Korean media outlets during the Deconomy conference in Seoul. 

CZ revealed during the event that Binance will open up a third fiat-to-crypto exchange in Singapore later this month, after launching exchanges in Uganda and on Jersey already. "The Singaporean government has very strict regulations", the CEO was quoted by Coindesk Korea during the press conference. "But they understand very well that the blockchain industry is the future. Thanks to that, we were able to discuss opening an exchange there."

Read more: Two Binance announcements: new fiat-crypto exchange and DEX close to launch

With South Korea being one of the major players in the cryptocurrency space in terms of investors, media wanted to know if Binance has plans to open up a Korean exchange as well. "Binance will only do business in countries where there is a government that welcomes us", CZ said. "That means we prefer countries with clear regulations. This is because we want to do long-term business." 

"I do not want the situation that regulators are only talking about it. We want regulators to say yes. What we want is clear. If it's possible to open a bank account that is suitable for transactions for a cryptocurrency exchange, we can examine the opening of an exchange immediatly."

With governments in Singapore, Malta, Jersey and other small states welcoming cryptocurrency companies, it's now the question when a larger country will step in. "We can not predict when governments and banks will change their minds", CZ said. "But it is clear the competition is getting fiercer. In Asia, Japan has made the most clear regulations, and Singapore's regulators are following Japan. And it's not only in Asia, but also in Europe, Africa and the United States. If the Korean government wants to revive the economy in the midst of this, the pressure from the competition will surely work someday."

Read more: Enjin CEO drops major hint during AMA: 'It involves Binance Chain'

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