Binance, the world’s largest crypto exchange by trading volume announced the discontinuation of Korean Won trading pairs and payment options. The exchange would cut down its services for the Korean customers including suspension of P2P merchant application and Korean Language support. The exchange has discontinued four services immediately.
- KRW trading pairs
- KRW payment options
- P2P merchant applications
- Korean language support
The decision comes as a part of the company’s initiative to mend its ways with regulators. However, it is important to note that South Korea is not among the dozen nations that have issued warning against the crypto exchange. The exchange in its official press release said,
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”
While Korea might not have issued an individual warning against Binance, but the current regulatory policies have already made many existing crypto exchanges look for closing their services or re-locating. The latest Anti-Money Laundering (AML) regulations require crypto exchanges to have real-name bank accounts for customers that can be verifiable and register with the AML body in the country. Apart from a few large exchanges, a majority of them have started issuing a notice regarding the closure of services.
Binance Avoiding any Further Regulatory Action
Last month nearly 12 countries issued a regulatory warning against Binance, mainly accusing it of operating without the necessary regulatory clearance. As a result, the crypto exchange has shown more restraint over the past few weeks. It first lowered the leverage limits for the derivative market from as high as 125X to 20. Later it discontinued its derivative services across Europe and Hong Kong.
The CEO of the firm Changpeng Zhao has promised the exchange would work in a more sustainable way with regulators in the future. Binance revealed its plans of building native headquarters in countries where it is operational.