Honorary Chairman Lee Ung-yeol Kolon Promotes Establishment of Binance and Virtual Asset Exchange

Honorary Chairman Lee Ung-yeol Kolon is teaming up with Binance to launch a new virtual asset exchange in Korea. According to reports from Chosun Biz on the 28th, the honorary chairman has announced his plans to form a joint venture with Binance with the support of government and financial authorities to establish a new virtual asset exchange.

Sources say that the honorary chairman is receiving assistance from domestic virtual asset issuers and representatives of logistics-related blockchain companies to set up the virtual asset exchange.

Reportedly, Honorary Chairman Lee has been interacting with domestic and foreign virtual asset and blockchain industry officials for over three years since his retirement as the chairman in November 2018. In a letter to employees when he left his position, he expressed his lack of understanding of blockchain technology at the time of his retirement. However, when he received a mid to long-term strategy report, he realized the importance of blockchain technology, which led him to resign from his position.

If the virtual asset exchange promoted by Honorary Chairman Lee receives the required permissions, it is expected to bring a significant change to the domestic virtual asset exchange market. It is also expected to emerge as a strong competitor to Upbit, which currently holds a virtual monopoly on the market with an 11% share.

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