David Edwards
Binance CEO Richard Teng has announced plans to support South Korean startups, particularly those in the cryptocurrency sector, as they navigate the complexities of entering international markets. Speaking at a panel session in Seoul, moderated by Hashed co-founder and partner Ryan Kim, Teng highlighted the role Binance could play in aiding these companies through initiatives such as Binance Labs and potential fundraising opportunities.
Teng acknowledged the challenges South Korean startups face, including understanding international market preferences and navigating diverse legal jurisdictions. He stressed Binance’s commitment to facilitating the expansion of these companies by connecting them with global opportunities.
“We can help support interesting South Korean projects and bridge the gap in terms of overseas expansion,” Teng stated.
South Korea’s High Retail Crypto Trading Activity
South Korea represents a vital market for cryptocurrency trading, with retail participation levels among the highest globally. Despite this, crypto exchanges face substantial regulatory challenges imposed by South Korean financial authorities, making market entry difficult. Upbit and Bithumb dominate the local market, holding over 95% of the market share, according to a report by Tiger Research.
“Retail participation is extremely high. So it’s a very important market. Every country will have its policy agenda, and policy considerations in terms of formulating the framework. So what is right for Korea has to be determined by the government,” Teng noted.
Given this significant retail activity, Binance is eager to collaborate with local authorities to better understand and adapt to South Korea’s specific regulatory environment, ensuring compliance while fostering innovation and growth within the market.
