With layoffs, losses, and washouts becoming commonplace, Binance, the world’s largest cryptocurrency exchange, has a defined expansion strategy despite the current bear market having a significant influence on the entire cryptocurrency community. Over the previous few weeks, Changpeng Zhao has been continually swerving into other areas in the hopes of snagging licences. CZ has now announced that he is thinking about returning to South Korea.
South Korea has received a lot of attention recently. Following the Terra crash, the Korean government has taken considerable moves to control the cryptocurrency business. While doing a thorough analysis of the problem, the administration is also drafting new legislation. Binance’s potential entry into the region could be more difficult than planned in the midst of this turbulent period.
Binance decided to shut down the trading pairs related with the South Korean Won in August 2021. Furthermore, everything South Korean was withdrawn off the exchange. Prior to this, the exchange declared in 2020 that it will terminate its South Korean operations due to poor volume and usage.
Considering this, the exchange has proceeded to build relationships with several entertainment behemoths to investigate the Web3 sector of the digital world.
With rumors spreading like wild fire in the forest, crypto enthusiasts seemed to lose their mind. However, CZ put an end to it all with Twitter thread.
Has Binance been cooking this plot all along?
With MimbleWimble [MWEB], Litecoin [LTC] has made a strong comeback this year. The asset’s privacy tag, on the other hand, proved to be a liability for the altcoin. Several South Korean exchanges then abruptly stopped supporting LTC. Binance quickly followed suit, becoming one of the first big exchanges to drop support for LTC’s MWEB wing.
Furthermore, the bears’ fear continued to pervade the market, and CZ was poised to grow. In a recent interview, Binance CEO Changpeng Zhao explained how crypto winters allows the company to fully use the market balance.