Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books. However, many in the crypto community question Binance’s approach, and aren’t fully convinced that they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings. The company’s initial audit…
- Binance enters the Korean market with Binance KR, a trading platform deploying Binance Cloud
- Following the launch on April 1, users will be allowed to register and deposit digital assets such as BTC, ETH, BNB, and BKRW
- Binance continues accusation spree with a nearly finalized deal to acquire digital currency data aggregator CoinMarketCap
On March 31, 2020, Binance exchange revealed plans to launch Binance KR, a cryptocurrency exchange platform, to serve the Korean users on April 2, 2020. User registration and deposits of funds are expected to kick off on the same day of the launch.
This platform is being touted as the “the first global use case” of the Binance Cloud solution that was rolled out last month. Binance Cloud is essentially a platform that allows users to launch their own cryptocurrency exchange.
The initial face of Binance KR will see digital assets such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), and BKRW (stablecoin pegged to Korean Won). The second phase will see the addition of Tether (USDT) and BUSD to the list of supported digital currencies.
A statement by Binance CEO Changpeng Zhao said:
“We are pleased to provide a digital platform for users in Korea to bring the trading depth, security, and transaction speed of Binance.com to Binance KR.”
South Korean crypto Market on the Rise
Binance’s latest announcement is a crucial one since it comes on the heels of the South Korean National Assembly passing new legislation in a bid to provide a framework for the regulation and legalization of cryptocurrencies and crypto-exchanges in the country.
This new law that restricts illicit activity in the crypto space seems to have emboldened many global players to participate more fully and wholly in crypto-services. For instance, just a few days ago, it was reported that South Korea’s biggest commercial bank, KB Kookmin, is in between plans to launch cryptos-custody services for coins like Bitcoin and Ether.
By expanding into South Korea, Binance has taken another step to become the largest exchange around the world. South Korea is an important market for the crypto community, and its government has created great laws in order to regulate the crypto space and foster adoption better.
Binance Acquisition Spree Continues
Though Binance dominates in the global market, its presence in the South Korean market was limited. To strengthen its mark in the peninsular country, the exchange acquired BxB Inc., in a remarkable partnership deal in November 2019.
If completed, this will be one of the biggest deals in the digital asset industry to date.