Binance will discontinue trading pairs and payment options using the South Korean won effective immediately. Why did the crypto exchange make this decision?
August 13, 2021, | AtoZ Markets – Binance cryptocurrency exchange today announced that it has limited a number of services for its South Korean customers.
Thus, the exchange will stop trading in all pairs with the Korean Won (KRW) on its peer-to-peer platform. Users are encouraged to complete all active transactions and remove ads from display. In addition, support for payment channels for KRW transfers will be discontinued. Also, Korean language support will be removed from the exchange.
Why Binance stops supporting South Korean Won trading pairs?
The company explains the decision by its desire to “proactively ensure that its offerings of products and services comply with local legislation.”
“Please take into account that we do not have official Telegram channels or other means of communication in South Korea,” Binance adds.
Binance sets new restrictions for the third Friday in a row. It announced last week that it would shut down access to the derivatives platform for Hong Kong residents, and a week earlier for residents of Germany, Italy, and the Netherlands.
Interestingly, South Korea was not included in the list of countries that have issued warnings to Binance in recent months, as some other regulators have done, but local legislators are also pursuing a policy of tightening control over cryptocurrencies.
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