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Binance Discontinues Crypto Products and Services in South Korea

On August 13, the cryptocurrency exchange Binance revealed it is ending a great number of services in South Korea. The company noted in the announcement that it evaluated local regulations and “will discontinue the following offerings in Korea, effective immediately.”

Binance Ends Korean Crypto Services

Last week, former CEO of Binance US and former acting Comptroller of the Currency, Brian Brooks, announced that he was leaving his position at the exchange. Prior to that HSBC suspended payments tied to Binance and the company also discontinued derivatives products in Hong Kong. On Friday, Binance announced that it will not be offering products and services in South Korea.

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

The products and services that Binance has suspended in South Korea include:

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

Binance also disclosed that the crypto exchange would be discontinuing services that stem from the peer-to-peer (P2P) exchange it operates. “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,” the trading platform noted.

Additionally, Binance said that it is not offering any products and services in the Korean language and it does not offer any Korean communication channels. “Please also note that we are not operating any official Telegram or other online communication channels in Korean,” Binance concluded.

Tags in this story
Binance, Binance Exchange, Binance Korea, binance p2p, Binance.us, Compliance, Crypto, Cryptocurrency, Exchanges, korean, KRW, Regulation, Regulations, South Korea, South Korean Services, Trades, Trading Pairs

What do you think about Binance suspending services in South Korea? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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