Binance makes an entry in South Korea, and expects to push the adoption


  • A memorandum of understanding (MOU) was announced between Binance and Busan in South Korea to encourage the city’s blockchain ecosystem’s development.
  • The MoU with Busan includes a wide range of services and technical support.
  • Binance reportedly intends to expand its customer base and bitcoin usage by entering South Korea.

The community is eagerly anticipating Binance, the biggest cryptocurrency exchange in the world, expanding into South Korea. Binance has inked an MOU with the South Korean city of Busan to promote blockchain use, albeit the expansion is yet unclear. The cryptocurrency exchange company will promote the Busan Digital Asset Exchange and aid in the growth of Busan’s blockchain ecosystem.

Numerous services and technical assistance are included in the Memorandum of Understanding (MoU) with Busan. For the advancement of the Busan Digital Asset Exchange, promotion of the city’s blockchain ecosystem, and order book sharing, Binance will offer technical and infrastructure support to Busan. 

Binance reportedly wants to enter South Korea to grow its customer base and cryptocurrency usage. In actuality, Binance’s goal is to drive the subsequent wave of blockchain and cryptocurrency adoption. For this reason, CEO “CZ” is traveling to several nations to expand its presence through collaborations and partnerships.

To help the city of Busan adopt blockchain technology more widely, the cryptocurrency exchange will fund its infrastructure and technological development. Additionally, as part of the arrangement, Binance and Busan will exchange their order books.

Additionally, Binance will promote businesses and blockchain initiatives in the regulatory-free blockchain zone in Busan. Encourage blockchain-related research, education, and investments in the city. Plans also call for Binance Charity to support the Busan Blockchain Week and promote social well-being (BNB 2022).

Over the past two years, South Korea has seen a significant uptake of cryptocurrencies and blockchain technology. In terms of website visits to crypto exchanges this year, South Koreans are second only to Americans, according to the latest data.

Additionally, in response to the Terra-LUNA problem, the South Korean government and regulators have strengthened crypto regulation and monitoring. An effective regulatory framework promotes the uptake of cryptocurrencies in a nation.