Leading cryptocurrency exchange Binance revealed that it’ll discontinue trading pairs and payment options using the South Korean won effective immediately.
Within an official announcement, the exchange outlined earlier today, that the changes to its product offerings in South Korea, including the discontinuation of P2P merchant apps and Korean language support.
Won trading pairs are going to be removed at 11:00 a.m. UTC today, with users advised to finish all trades and take away related advertisements by 10:00 a.m.
Binance added that it intends to proactively follow native regulations, as a part of its recent plan to take the initiative in its regulatory positioning, as CEO Changpeng Zhao explained.
South Korea isn’t among the long list of nations whose financial watchdogs have issued warnings or notices that Binance isn’t permitted to be operating in its jurisdiction, but nonetheless the regulatory landscape there’s faraway from certain.
Binance revealed earlier in December 2020 the closure of its South Korean affiliate due to low usage and volume.