Binance, which is the world’s largest cryptocurrency exchange by its trading volume, has recently decided to enter South Korea. The exchange is apparently planning to enter one of the world’s major crypto trading markets, as a report by Business Korea noted.
The report says that Binance is already hiring executives for the new expansion and is planning to establish three to five local corporations within this year in a marked expansion to the East Asian nation.
The CEO of Binance, Changpeng Zhao, is cited in the report. In fact, what’s cited is Zhao’s statement at the Blockchain Partners Summit in Seoul which took place over the weekend, when he underlined the importance of the South Korean market.
A week ago, Binance added language support for Korean on its exchange and hired Jeon Ah-rim as its domestic marketing director as well as Choi Hyung as director of Binance Labs, a popular social impact fund in South Korea.
Aside from South Korea, Binance announced its expansion into Africa too – with the launch of the first fiat-trading cryptocurrency exchange in Uganda. The planned expansion into South Korea comes at a time when the country’s lawmakers are forwarding legislative bills to regulate the crypto sector and legalize the initial coin offerings (ICOs) under supervision.
Last year, the financial regulators followed China’s lead in banning all ICOs as a method of fundraising in the country. After a representative from the country’s ruling Democratic Party introduced the bill, he stated:
“The bill is aimed at legalizing ICOs under the government’s supervision[…],” Hong said at the time. “The primary goal (of the legislation is helping remove uncertainties facing blockchain-related businesses.”
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UN Thinks Bitcoin & Crypto Are “The New Frontiers” In Finance, Focusing On Ripple And IOTa
“Cryptocurrencies represent a new frontier in digital finance and their popularity is growing. The decentralized networks for cryptocurrencies, bitcoin being a well-known example, can keep track of digital transactions. They enable value to be exchanged and can give rise to new business models which would otherwise require significant regulatory and institutional commitments." the report states.According to the UN, blockchain and crypto have many use cases. As it is explained in the document:
"For example, a value token called ClimateCoin is being considered as a basis for creating a global market for carbon emissions, allowing peer-to-peer exchange of carbon credits and a direct connection with the Internet of Things. It would then be possible for devices to calculate their own carbon emissions and purchase carbon credits to offset those emissions."The document also focuses on innovation and how it comes from inherent trust, citing that "the innovativeness of this system lies in the way in which the various parts combine to create the trust and guarantees that the traditional financial system derives from institutions and regulation."
Wall Street Investors Need ETNs To Join The Crypto Space: CBOE President
“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. [...] Absent that leg and introducing trackers or notes, I think we will be in this, 'It trades every day, but it is not the story.'”He also said that the main reason why regulators did not approve a Bitcoin exchange-traded product such as the (still-pending) ETF applications is that the regulators cannot protect investors from manipulation on a market. “You answer that question, you get your first ETN,” the president of CBOE concluded.
“Bitcoin Is The Only Blockchain That May Exist For The Next 100 Years” : Alistair Milne
“The probability that Bitcoin matches its ATH [all-time high] price again and doesn't then continue past it seems very low. Each wave of adoption is an order of magnitude bigger than the last,” Milne wrote in the Twitter thread that he started on Saturday.Meanwhile, Bitcoin suffered another drop which took it below $3,500, giving less optimism to traders hoping for a new bull run. The new downturn has led to many accusations from high-profile economics figures. However, Milne continued expressing his optimism and said:
“The next bull run will decide which public blockchains persist for the next 100 years. I believe Bitcoin is currently the *only* sure thing[.]”Aside from this, Milne also highlighted the interest by institutional investors and labeled Bitcoin's profile as the "gold 2.0" in the next round of adoption.
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