• Binance, a cryptocurrency exchange, is partnering with Kolon Group to open up an exchange in South Korea.
• The partnership was announced by South Korean corporation Kolon’s honorary chairman Lee Woong-yeol.
• Binance acquired a majority stake in troubled South Korean-based crypto exchange Gopax and is working to get it back on track.
Binance and Kolon Team Up for Crypto Exchange
Lee Woong-yeol, the honorary chairman of South Korean corporation Kolon, has joined forces with Binance to launch a digital asset exchange in the country. According to Korean local news sources, the Kolon conglomerate’s honorary chairman is establishing grounds with Binance to develop a virtual asset trading platform in South Korea. Some sources have revealed that blockchain-based entities in the country are helping Lee Woong-yeol to build up the crypto trading platform.
Binance Denies Reports
On Feb. 28, Binance denied reports of forming an exchange with Kolon Group’s honorary chairman Lee Woong-yeol. Binance said „We had discussed last year about development of blockchain industry and implementation of philanthropic activities in Korea but we haven’t discussed yet about setting up new exchanges.“
Kolon Group Profile
Kolon, founded in 1954, is a conglomerate with over 40 entities and 28 subsidiaries in other countries. The umbrella of companies handles activities in several industries, including finance, chemicals, and fashion. Since 2020, Kolon has been involved in cryptocurrency matters, investing in South Korean exchanges like Dunamu. Honorary chairman Lee has reportedly been holding several meetups with local and foreign digital currency officials since he left the head position in Kolon back in 2018. At the time of his resignation, Lee stated his choice to leave built up from his „untutored“ stance in blockchain technology.
Rivaling Upbit
Kolon and Binance’s proposed plan to launch a crypto exchange could rival market-dominant South Korean exchange Upbit. Upbit is said to have over 80% of the country’s crypto investment market share.
Gopax Acquisition
Preceding its partnership with the Kolon Group, Binance acquired a majority stake