Binance Exchange Reportedly Looking To Tap Into The South Korean Market
South Korea is one of the world’s major cryptocurrency trading markets and Binance is reportedly looking to enter. Binance is the largest exchange by trading volume and could have a great impact on the Korean market. The exchange offers crypto to crypto trading with a variety of trading pairs. It’s the most popular exchange right now to convert crypto or exchange bitcoin.
A year ago, Binance added language support for Korean on its primary exchange which already has the infrastructure in place to reach the market. South Korean financial regulator banned ICOs (Initial Coin Offerings) last year following China’s lead. Korean lawmakers are now working on legislative bills to regulate the cryptocurrency sector and legalise initial coin offerings. It’s a move with hopes to remove uncertainties related to blockchain businesses. Perhaps Binance is seeking to enter the market once these bills move forward for greater customer certainty selling crypto.
Binance could be hoping that ICOs become legalised within South Korea after the national assembly allowed domestic ICOs in the country from may this year. Korean regulators are also seeking to relax some cryptocurrency rules to regulate exchanges under traditional financial institutions which could appeal to Binance.
It was reported in The Korean Times that the financial regulator is to establish a new body focused on cryptocurrency and blockchain technology, to create policies to help nurture the fintech industry. Binance could be looking to utilise these regulations and policies, potentially opening an office and exchange for crypto to crypto trading.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
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