Binance, one of the world’s largest cryptocurrency exchanges by trading volume, has been steadily expanding its reach to different countries around the world. Recently, Binance has been gaining popularity in Korea – one of the most active cryptocurrency markets.
However, some users in Korea are wondering if Binance is legal in the country. The short answer is: Yes, Binance is legal in Korea.
Binance is a legal company registered in Malta. The company has also obtained a money services business license in Japan.
Binance has been compliant with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations from the very beginning. The exchange requires all its users to go through a KYC verification process in order to use its services.
In addition, Binance complies with the FATF (Financial Action Task Force) guidelines and has adopted AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorism) measures. These guidelines are recognized by over 190 countries, including Korea.
Binance is also one of the few exchanges that allow users to trade directly with Korean Won (KRW). KRW is the local currency of Korea and it is not easy to find exchanges that support it.
Binance supports KRW deposits and withdrawals through three local Korean banks: Shinhan Bank, Kookmin Bank, and Industrial Bank of Korea.
Users can also trade a variety of cryptocurrencies on Binance against KRW, including Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), and EOS (EOS). Binance currently has over 10 million users from all over the world and is continuing to grow at a rapid pace.
The bottom line is that Binance is a legal company that complies with international KYC/AML regulations. The exchange also supports KRW deposits and withdrawals through three major Korean banks.
Therefore, there is no reason to believe that Binance is not legal in Korea.