Binance Reported to Re-Enter South Korean Markets

Spread the love


Binance is reportedly acquiring South Korean exchange Gopax, while Hong Kong plans to allow crypto exposure to retail investors.

Decenter, a South Korean publication, reported Finance completed due diligence to acquire the Kobucks. It is one of the largest exchanges in South Korea. The acquisition was due to be announced before Christmas, but was delayed due to final discussions over valuations.

Binance plans to re-enter South Korea

Finance is covered It lifted its business from South Korea in January 2021 due to lower usage and volume. The exchange faced regulatory challenges from local authorities.

The exchange, led by Changpeng Zhao, tried to re-enter the market but did not receive the regulatory green flag for direct entry due to concerns over money laundering and protecting investors. But the group found its way by buying a 41.2% stake from Kobox’s largest shareholder, Lee Jun-hong.

With aggressive takeovers from finance, society fears it Hurt the crypto, even more so, when the transfer decreases. Changpeng Zhao and finance have a negative sentiment.

Hong Kong plans to expand trading to retail investors

Hong Kong regulators plan to expand crypto trading to retail investors According to South China Morning MailBonds and futures The Commission (SFC) will examine how to allow retail investors access to trade in virtual assets.

Trading in virtual assets is currently restricted to professional investors or those with more than $1 million in bank assets.

Growth in crypto exposure to retail investors in Hong Kong will increase with this development. Brokers and fund managers are gearing up to win maximum retail investors. Robert Lui, head of digital assets at Deloitte Hong Kong, says, “We’ve seen a lot of local brokers and fund managers consulting us about licensing requirements under the new regulatory regime.”

Society is Excitedly More regulators are recognizing the potential of crypto. African country – Nigeria is also planning to regulate cryptocurrency Flowing with global economic innovation.

Got something to say about getting into finance in South Korea, crypto regulations, or something else? Write to us or join our discussion Telegram channel. You can also catch us Tick ​​Tock, FacebookOr Twitter.

For the latest on BeInCrypto Bitcoin (BTC) Analysis, Click here.


BeInCrypto has reached out to the company or person involved in the story to get an official statement on the latest developments, but has yet to hear back.


Source link

Leave a Comment