In a recent announcement, Binance has shared that it will be launching the cryptocurrency exchange in South Korea by utilizing the Binance cloud platform which was announced in the last month.
The Korean cryptocurrency exchange, Binance KR will be the first use case of the recently announced Binance cloud solution.
The Binance KR will be a crypto-to-crypto exchange for Korean users which will take advantage of the Binance’s core functionalities including but not limited to the matching engine, trading volume, risk control etc.
Upon launching the exchange in South Korea, it will be listing the BEP-2 stable coin, BKRW which was backed by South Korean Won. Binance KRW has been recently listed on the Binance exchange for trading.
Initially, the South Korean Binance exchange will be starting the trading for BTC, ETH, BNB and BKRW.
It won’t take much time to list and start trading for the coins USDT and BUSD after the Binance KR launch with the above coins.
Features of Binance KR
As mentioned in the previous paragraphs, the Binance KR will be utilizing the features of Binance cloud which is inherited from the Binance exchange.
The problem faced by any exchange on its initial launch is the lack of volatility. This problem will not be facing by the Binance KR cryptocurrency exchange as the volume of Binance exchange will be shared with Binance KR.
The robust matching engine from the Binance will be able to handle and execute millions of trades in a blink of an eye. The most advanced state of the art security and risk control from Binance will be inherited to the Binance South Korean exchange.
The important point to note that is the Binance Korea will be backed by Binance SAFU fund. In case of any fund loss, you will be compensated from the Binance SAFU fund reserve.
Deposit KRW on Binance Korea
The Binance KR will be launching the exchange with the option to deposit KRW. The Korean users will be able to convert the South Korean Won (KRW) into BKRW stable coins very easily on Binance Korean exchange.
The bought BKRW can be used to trade on the exchange as the exchange will be enabling the crypto-to-crypto exchange against BKRW.
Binance Korea’s announcement comes with the news of Binance Ltd.’s acquisition of BxB Inc. BxB is the fintech company which is behind the world’s first KRW-backed stable coin, KRWb.
Binance CEO Changpeng Zhao (CZ) said:
We are pleased to provide a digital asset platform for users in Korea to bring the trading depth, security and transaction speed of Binance.com to Binance KR. Our decision to list BKRW trading pairs will allow us to seamlessly connect crypto to the South Korean won in order to expand our local services.”
When is Binance KR launching in South Korea
The exchange will be ready and available for the public on April 2, 2020. Please find the schedule of Binance KR launch and other functions schedule below.
- Binance KR registration and deposit starts on: April 2, 2020, 1 AM UTC (10 AM KST)
- The trading will start on: April 4, 2020, 1 AM UTC (10 AM KST)
- Withdrawals will be enabled on: April 9, 2020, 1 AM UTC (10 AM KST)
The complete functionalities of the Binance KR will be made available in three stages. On April 2nd, the users will be able to register with the exchange and the user can start depositing the currencies to the wallet.
Followed by enabling the registration and deposit, on April 4th, the trading will be enabled for the users. However, it will take another five days to enable the withdrawal of coins.
What do you think about Binance KR exchange launch?
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