Binance stops trading KRW pairs
2 min readTable of Contents
Binance has stopped trading in Korean won (KRW) as part of a series of changes in its operations in South Korea.
Closing of trades in KRW
In a notice issued on Friday, the crypto giant announced the termination of trading in KRW and the possibility of payments in KRW in its service. Other discontinued features include support for Korean on its website and merchant applications for peer-to-peer (P2P) transactions in South Korea.
As part of the announcement, Binance also advised P2P traders to remove all KRW-denominated trading ads from the platform. In specifying the reason for this decision, Binance stated that it proactively complies with local regulations.
South Korean regulations
The South Korean authorities are tightening screws on crypto exchnge operators in the country under a stricter regulatory regime. From a mandatory licensing regime to mandatory trading accounts in real names, South Korean regulators have even extended the scope of this policy to foreign platforms operating in the country.
Crypto exchanges must register with the South Korean regulators by September 24, otherwise they will cease to operate. Failure to do so could cost them fines and imprisonment for the main actors in the failing platforms.
Some exchanges have already announced plans to close down, at least temporarily, before the deadline of 24 September.
Additional regulation
The country’s financial services commission also plans to ban cross-trading on crypto exchanges, which could pose significant operational barriers to the country’s platforms.
For Binance, meanwhile, the end of KRW steam trading is the latest disruption to the platform’s operations in jurisdictions around the world. Over the past few months, Binance has received warnings from regulators in various countries stating that the exchange operates without proper authorization.
Banks and payment processors in the United Kingdom have also stopped the services of crypto exchange giant. In early August, Binance announced restrictions on derivatives trading for users in Hong Kong and several European countries.
Conclusion
South Korea does not cope with crypto exchanges. It is known that medium and small exchanges cannot withstand these regulations, only the large ones.
