Crypto commutation Binance is preparing to enter the Korean market for the first time.

According to a company blog post on March 31, the Malta-based exchange volition presently open Binance KR for trading. The crypto-to-crypto exchange is so named for South Korean traders.

Binance KR will be launched on Binance Cloud and offer the "market'south deepest spot trading liquidity, nearly robust matching engine, and most advanced state-of-the-fine art security, custody, and adventure controls."

The commutation will as well support Binance KRW (BKRW), a stablecoin backed past the S Korean Won (KRW). Users tin trade in Bitcoin (BTC), Ethereum (ETH), and the house's signature Binance Money (BNB). Past supporting stablecoins, Binance KR will allow Korean traders to easily convert their state's fiat currency into BKRW.

Open for deposits using KRW starting April 2

The launch of Binance KR comes right on the heels of the crypto exchange announcing the purchase of fintech firm BxB, the ones behind KRWb, the world'due south start KRW-backed stablecoin. Binance had been hinting at a potential expansion into Korea for some time, just zippo had been confirmed until this calendar week.

Jiho Kang, CEO of Binance Ltd., said:

"We are committed to bringing a fully compliant globe-course digital asset substitution to the Korean marketplace via Binance Cloud and BKRW. We are honored to partner with Binance to piece of work towards our common mission of increasing the freedom of money together."

Binance KR volition open for registration and deposits on April 2 at x:00 AM KST, with trading existence allowed from Apr 4. Withdrawals will non be available until April nine.

COVID-19 prevention measures still in place in South korea

Measures to prevent the spread of the coronavirus are still in place in the Korean peninsula. While some bigger cities similar Seoul and Daegu discourage citizens from going out, all of South korea will soon require anyone flight into the state to remain isolated for two weeks.