Binance to end crypto products and services in South Korea according to an announcement made by Binance today. The company said it has evaluated some local regulations and will discontinue services for Korea.
Binance, the largest exchange in the world, is facing problems in different countries. At first, the exchange’s payments were suspended by HSBC, and also Binance stopped its derivative products in Hong Kong from working. As a consequence, the CEO of Binance US, Brian Brooks announced that he was leaving his position at the exchange. Brian wants to make Binance a regulated financial institute so he stepped down from his position to give it to someone who can do a better effort to make Binance a financial institute.
Announcemnt “Binance to end crypto products”
In a recent announcement, Binance has explained that they want to comply with the local laws and regulations that’s why they are ending their products and services in South Korea. The company announced that:
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.
Binance to end crypto products and services are given as:
- KRW trading pairs
- KRW payment options
- P2P merchant applications
- Korean language website support
The services will also be discontinued from the peer-to-peer (P2P) exchange that operates. The firm added that “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.”
These actions taken by the firm are to get legalize around the globe and finding its place as a financial institute.