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Binance’s CZ: Exchange Expands Worldwide as “Fiercer” Competition Rises in Asia

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Binance Korea

Binance has plans to continue its worldwide expansion but will only do business in countries where the government welcomes the exchange, CEO Changpeng Zhao told a press conference with Korean media outlets during the Deconomy conference in Seoul.

The announcement came alongside the news that Binance will open another fiat-to-crypto exchange in Singapore later this month, after launching exchanges in Uganda and Jersey previously.

On the Singaporean deal the CEO was quoted by Coindesk Korea during the press conference as saying:

“The Singaporean government has very strict regulations. But they understand very well that the blockchain industry is the future. Thanks to that, we were able to discuss opening an exchange there.”

CZ was more coy in his response on the possible South Korean exchange opening, as he claimed he wanted more clarity on regulations and ultimately he ”want(s) regulators to say yes.” The expansions are down to certain factors, as CZ put it:

“If it’s possible to open a bank account that is suitable for transactions for a cryptocurrency exchange, we can examine the opening of an exchange immediately.”

This seems to be a firm commitment in terms of widening the base of the business from CZ, but he ascertained that the options were out of his hands, as only a small number of nations have clear regulations, with larger countries holding back a little.

“We can not predict when governments and banks will change their minds”, CZ said. “But it is clear the competition is getting fiercer. In Asia, Japan has made the most clear regulations, and Singapore’s regulators are following Japan. And it’s not only in Asia, but also in Europe, Africa and the United States. If the Korean government wants to revive the economy in the midst of this, the pressure from the competition will surely work someday.”

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