Binance, the world’s largest cryptocurrency broker in terms of trading volumes, has bid farewell to one of its main sources of revenue. This Friday (13) the company revealed that it is ending a large number of services in the South Korea, one of regions where the exchange has the highest volume of transactions.
Binance said it evaluated local regulations and “will discontinue services in Korea with immediate effect.” In the statement, the exchange stated that the reason is to proactively comply with the regulation.
In this context, Binance is removing all trading pairs and payment options with South Korean Won (KRW) a currency gives Korea South, at the same time it closed the P2P application for Korea.
In particular, they canceled operations with the currencies of these two countries, the Korean won (KRW) and the Malaysian ringgit (MYR), and access to P2P applications. Also, support for the Korean version of the site will be removed. The company explained that the changes in the operation are based on local regulatory requirements.
Binance ends services in South Korea
Binance has announced that it will remove Korean language support, just as it did in Turkey in recent days. The company said these measures will be implemented immediately. This shows the seriousness of the situation.
“How Binance constantly evaluates its product and service offerings to proactively comply with local regulations,” said Binance, “We will discontinue the following offers in Korea with immediate effect.”
The products and services that Binance has suspended in South Korea include:
Korean currency trading pairs, KRW;
Payment Options in KRW;
P2P Commerce Applications;
Korean language website support.
KRW trading pairs have now been discontinued, and the broker’s notice emphasized that Korean users can now cancel their P2P transactions and buy orders.
Third highest number of hits
Binance is the spot derivatives platform in terms of volumes. However, it has finished offering derivatives in Hong Kong, Germany, Italy and the Netherlands, and has plans to discontinue these services across Europe. In addition, it ended the offering of share tokens amid a regulatory backlash.
Binance is estimated to have had to do this due to tighter regulation in South Korea. The leading cryptocurrency brokerage has been banned from trading futures contracts for investors in Hong Kong.
Before that, several countries issued warnings against the company, which put Binance under regulatory pressure.
The loss of South Korea by Binance means losing one of the regions where it has the highest volume of transactions. According to data from SimilarWeb, Korea is the third country that most used the platform.
Although the company has stopped its futures contract service in some countries due to regulatory pressure, Korea’s loss could be one of the biggest blows right now.
The company continues to lose users in several Asian countries. On August 9, the platform blocked access to derivatives for Hong Kong citizens. Previously, China banned financial institutions from providing services related to cryptocurrency transactions on its territory and included Binance on its blacklist of web pages that cannot be accessed from within the country.