On August 13, the Binance cryptocurrency exchange announced that it was closing a large number of services in South Korea. The company stated in the announcement that it has been reviewing local regulations and “will discontinue the following offers in Korea with immediate effect.”
Binance ends Korean crypto services
Last week, former Binance US CEO and former acting auditor for the currency, Brian Brooks, announced that he was leaving his position on the stock exchange. HSBC previously suspended payments related to Binance and the company has also discontinued derivatives products in Hong Kong. On Friday, Binance announced that it would not offer any products or services in South Korea.
“As Binance is constantly evaluating its product and service offerings to proactively comply with local regulations,” said Binance, “we will discontinue the following offerings in Korea with immediate effect.”
The products and services that Binance has suspended in South Korea include:
- KRW trading pairs
- KRW payment options
- P2P merchant applications
- Support for Korean language websites
Binance also announced that the crypto exchange would discontinue services sourced from the peer-to-peer (P2P) exchange it operates. “Binance P2P will remove KRW trading pairs on Friday, August 13th, 2021 at 11:00 UTC (20:00 UTC + 9). Users are advised to complete all related P2P trades and remove related trade ads, ”the trading platform noted.
In addition, Binance said that it does not offer products and services in Korean and does not offer Korean communication channels. “Please also note that we do not operate any official Telegram or other online communication channels in Korean,” Binance concluded.
What do you think of Binance suspending services in South Korea? Let us know what you think on this matter in the comments below.
Tags in this story
Binance, Binance Exchange, Binance Korea, binance p2p, Binance.us, Compliance, Crypto, Cryptocurrency, Exchanges, Korean, KRW, Regulation, Regulations, South Korea, South Korean Services, Trades, Trading Pairs
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