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.
NOTE: WARNING: It is unclear if Binance is legal in Korea. Please research your local laws and regulations before using Binance. It is your responsibility to ensure that you follow all applicable laws and regulations when using Binance.
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.
9 Related Question Answers Found
Binance, the world’s largest cryptocurrency exchange by trading volume, is not currently allowed to operate in Korea. The exchange has been seeking a license from the Korean government since March 2018, but has so far been unsuccessful. The main reason for Binance’s difficulties in entering the Korean market is the government’s strict regulations surrounding cryptocurrency exchanges.
South Korea has been a major player in the cryptocurrency market since its inception. The country is home to some of the largest exchanges and trading platforms, and its citizens are some of the most active traders in the world. However, the government has been notoriously hostile to cryptocurrencies, and has taken a number of steps to crack down on the industry.
As of September 2019, Binance is unavailable in Korea. The reason for this is because Binance is not registered with the Korean Financial Services Commission (FSC), which regulates cryptocurrency exchanges in the country. While Binance is a popular exchange with a good reputation, it does not meet the requirements to operate in Korea.
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Binance is a cryptocurrency exchange that provides a platform for trading various cryptocurrencies. As of January 2018, Binance was the largest cryptocurrency exchange in the world in terms of trading volume. Binance is available for Android and iOS devices.
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