The changes to Binance’s operations continue, and this time it is in South Korea.
Binance discontinues Korean Won trading pairs
Leading crypto exchange Binance announced earlier today that it had discontinued Korean Won trading pairs on its platforms. This latest development comes as Binance makes changes to its operations in various countries.
In a blog post earlier today, Binance explained that it is making these decisions to comply with local regulations. “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; KRW trading pairs, KRW payment options, P2P merchant applications and Korean language website support,” Binance said.
The changes also see Binance remove the Korean Won payment options, P2P merchant applications and the local language website support. “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 by 2021-08-13 10:00 UTC (19:00 UTC+9) to avoid potential trading disputes,” the exchange added.
Binance makes changes in numerous countries
Binance removing its Won trading pairs and other services in South Korea comes after it made certain changes in other countries. The cryptocurrency exchange shut down derivative trading services in Hong Kong and Europe over the past two weeks.
Brian Brooks, the CEO of Binance US, also resigned last week, with the crypto exchange coming under regulatory attack in various parts of the world. Binance has already been banned in the UK and Malaysia, and it has received a warning from the Italian regulatory agency.