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Binance Ends Crypto Services in South Korea

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Babafemi Adebajo
Babafemi Adebajohttps://www.definitionsbyadebajo.com

Femi is a freelance content writer with adequate experience creating content for online and offline media across different niches including technology. When he is not writing, you can find him trying out new technology or reading.

Binance has announced that effective immediately, the cryptocurrency exchange platform is discontinuing a great number of its products and services in South Korea. The announcement was made on August 13, following the company’s evaluation of local laws and regulations.

Binance has ended Korean crypto services.

Just about a week ago, Brian Brooks, the former CEO of Binance US and former acting Comptroller of the Currency, also announced that he was leaving his position at the exchange company. Before his resignation, HSBC had also suspended payments that are related to Binance, and the company also ended derivative products in Hong Kong. Earlier today, Binance officially announced that it will no longer be offering products and services in South Korea. 

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In its statement, Binance wrote, “As Binance constantly evaluates its product and service offerings to proactively comply with local regulations, we will discontinue the following offerings in Korea, effective immediately.”

Products and services that have been suspended by Binance in South Korea include the following:

  • KRW trading pairs
  • KRW payment options
  • P2P merchant applications
  • Korean language website support 

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Binance also revealed that the crypto exchange platform would henceforth be discontinuing services that stem from the peer-to-peer (P2P) exchange it normally operates. The platform also noted and said, “Binance P2P will remove KRW trading pairs on Friday, 2021-08-13 at 11:00 UTC (20:00 UTC+9). Users are advised to complete all related P2P trades and remove related trade advertisements”.

Lastly, Binance reiterated that it would not be offering any products and services in the Korean language and it does not in any way offer any communication channels that are being run in the Korean way or language. “Please also note that we are not operating any official Telegram or other online communication channels in Korean,” Binance concluded.

Although details of the move by Binance are still sketchy at the moment of filing this report, the decision of Binance to end their products and services from being available in South Korea might not be unrelated to local laws and regulations of the country.

New development and updates as regards this topic would be made available to our readers as soon as they come to light. 

 

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