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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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