The post Binance Eyes Global Expansion: Targeting Korea, UAE, and Beyond appeared first on Coinpedia Fintech News
Binance is currently busy looking for new places to expand its operations. Reports state that the largest crypto exchange in the world has been strategizing its expansion options.
According to Vishal Sacheendran, Binance’s Regional Market Manager, the company plans to establish branches worldwide, from Asia to Europe and even Africa.
Binance is particularly keen to enter the Korean market. Last year, the exchange acquired Gopax, a virtual asset exchange in Korea. However, due to the demands of financial authorities, Binance has been reducing its stake in Gopax. Despite these challenges, Sacheendran reiterated that Korea remains a very important market for Binance.
The Middle East, especially UAE, has been a key region for Binance’s expansion. These places do not restrict investment areas and support blockchain technology. Sacheendran highlighted that the UAE government has quickly taken major steps to establish crypto-support policies.
From a decentralization standpoint, operating as a branch organization makes sense. However, Sacheendran assured that this doesn’t mean Binance will never have a central headquarters. He stated that Binance is committed to revealing its headquarters’ location but emphasized that they are not in a rush to do so.
The Asia-Pacific region, in general, also holds significant weight in the crypto market, so Binance is working on establishing branches in key countries in this region, too. However, the process involves multiple stakeholders, and according to the Regional Market Manager, it will take time to see how communications progress.
He also indicated that Binance’s global expansion might not be through an exchange alone. Binance is more than just a company that runs an exchange. It is building an ecosystem in various regions, which includes educational projects and charity organizations.
Meanwhile, Binance’s founder and former CEO, Changpeng “CZ” Zhao, started his four-month prison term in California last week just as Binance Coin (BNB) broke its all-time high and the exchange hit a 200 million active user milestone.