Binance denied all rumors about the partnership between Binance and the so called "Binance Korea."
On October 26th, a press reported that Binance, headquartered in Malta, and Binance Korea were entering into a partnership and establishing a cryptocurrency bank.
The news emerged from a local press in Palau on October 22nd. The article said that the executives of both companies shook hands on a partnership and promised to turn Palau into a crypto-powerhouse just like Singapore.
The article said that Binance was partnering with Binance Korea, and signing an investment agreement with a company named "Family World" in order to build the first cryptocurrency bank in the world.
However, Binance immediately refuted these claims.
"The article about the partnership with Binance Korea is absolutely fake news," said an employee of Binance in a phone call with DailyToken, pointing out "Binance Korea is currently using our company name without any permission, so why should we enter into a partnership with them?"
"Binance still does not have any plans to set up office in Korea yet. We are still trying to figure out the current situation."
Palau is a small island country located in the Micronesia region. The country is about one-fourth the size of Jeju Island and is a well-known tourist destination. Meanwhile, Binance’s headquarter is located in Malta, which is in the Mediterranean near Italy.
Translated by Cha Soo-jin