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Binance, Korean Conglomerate Team Up for Crypto Exchange

Binance exited South Korea in 2021 but is returning to the region to take on its biggest crypto exchange Upbit.

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Binance is partnering with a South Korean chairman to establish a new crypto exchange.

According to local reports, Kolon honarary chairman Lee Woong-yeol is working with Binance on the new exchange.

Lee announced the partnership on 28 February, adding that Kolon is co-operating with other blockchain firms to build the crypto platform for the government and financial authorities.

Kolon has almost 70 associate firms and has stakes in South Korean exchanges including Dunamu.

Lee has been holding several meetups with foreign and local officials since he left Kolon in 2018, when he cited his departure built up from his “untutored” stance in blockchain technology.

The Kolon-Binance partnered exchange would rival South Korean exchange Upbit, which has over 80% of the country's crypto market share.

Kolon and Binance’s proposed plan to launch a crypto exchange could rival market-dominant South Korean exchange Upbit. Upbit is said to have over 80% of the country’s crypto investment market share.

Binance pulled out of South Korea in 2021 but has since planned to return to the region. As part of this initiative, Binance recently acquired a majority stake in South Korean crypto platform GOPAX.

Korea's web3 stance

South Korea is certainly warming to web3, but cautiously. Busan is even embracing crypto to the extent of striving to become a crypto hub of its own to combat the region's aging population.

Read more: Busan to Combat Aging Population By Becoming a Crypto Hub

However, authorities are watching closely. Just last month, South Korea's Financial Services Commission issued guidelines to prepare the country for the legalisation of securities tokens.

South Korean financial authorities are also planning to review staking services offered by local virtual asset exchanges in the aftermath of sanctions imposed on global exchange Kraken by the US Securities and Exchange Commission (SEC).

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