이 기사는 2022년 02월 16일 08시09분 thebell에 표출된 기사입니다

Binance has partnered with South Korean companies a year after it exited its crypto exchange business in the country, a move seen as part of efforts by the world's biggest cryptocurrency exchange to reenter South Korea indirectly with a focus on areas such as blockchain technology and non-fungible tokens (NFTs).

Binance has recently announced partnerships with YG Entertainment, the company behind popular K-pop groups Blackpink and Big Bang, and game developer Netmarble F&C.

Binance is the world’s largest crypto exchange operator with roughly 12 trillion won ($10 billion) in 24-hour trading volume as of February 14, more than five times larger than that of Upbit, South Korea’s biggest crypto exchange.

Binance ceased its South Korea operations last year, less than a year after entering the country’s crypto exchange market by setting up its South Korean unit, BinanceKR, in 2020.

The exchange giant at the time cited low trading volumes as the primary reason for its exit. But industry experts said regulatory risk was Binance’s biggest concern.

Binance failed to be certified for the Information Security Management System standard, which is required for crypto exchanges operating in South Korea under the country’s revised financial information law which took effect early last year.

The law also mandates that crypto exchanges partner with a domestic bank to issue real-name accounts and bans crypto exchanges from sharing order books with other exchanges.

Binance’s renewed effort to enter the South Korean market is focused on companies seeking to collaborate with the exchange giant in areas like blockchain-based gaming and NFTs.

Netmarble F&C plans to develop play-to-earn (P2E) games based on the Binance Smart Chain, the exchange’s blockchain technology, targeting users around the world.

“Netmarble makes the bulk of its revenue from overseas,” an industry insider said. “The gaming company apparently intends to expand its global footprint by partnering with Binance, a global blockchain firm behind the world’s biggest crypto exchange.”

Netmarble F&C and Binance are also planning to launch an initial game offering (IGO) on Binance NFT marketplace.

With YG Entertainment, Binance will collaborate to build the metaverse where fans can share information about their favorite artists and buy or sell K-pop artists’ NFTs. The two companies are also discussing opportunities to develop blockchain-based games.

Binance is likely to continue to expand its crypto presence in South Korea, especially in areas that are currently unregulated. While the company does not provide its service in the country any more, its South Korean workers are still employed.

“Games and NFTs have become the key factors of growth in blockchain applications,” an industry source said. “South Korea would obviously be appealing to Binance because the country has strength in both areas.”

There are also many South Korean companies wanting to work with Binance to develop P2E games by using the company’s blockchain technology.

“BSC is the world’s second biggest blockchain after Ethereum, and Binance Coin’s market value is the world’s fourth largest,” a gaming industry source said. “Gaming companies would naturally want to launch games that use blockchain technology and cryptocurrencies familiar to global users.” (Reporting by Yun-ju Roh)