On Aug 13, Binance announced the discontinuation of multiple product offerings previously available to traders in Korea.
The latest announcement from Binance falls in line with the string of shutdowns of product offerings throughout the platform’s global network. The new shutdowns target traders in Korea. To comply with local regulations the company is discontinuing the following services:
- KRW trading pairs
- KRW payment options
- P2P merchant applications
- Support in Korean on the Binance website
The network says the changes will be effective immediately. At this time KRW trading pairs will be halted and the exchange advised traders in Korea to complete any P2P trades and remove any orders.
As with all its announcements of a similar caliber, the exchange reiterated its goal of a “sustainable ecosystem” for distributed ledger technology and crypto. As regulations on the crypto industry fall into place around the world, Binance says that it’s ready to collaborate.
“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.”
Binance continues shutdowns
Prior to its announcement for Korean traders, Binance targeted its Hong Kong user base. On Aug 6, Binance restricted derivatives trading for Hong Kong-based traders. Before this traders in Germany, Italy, and the Netherlands also faced regulatory changes.
One of its biggest moves entailed the halting of margin trading with some of the world’s leading currencies. The change occurred in late July and included the Australian dollar, the euro, and the pound.
These recurring changes to the exchange’s offerings come after several warnings were issued from financial regulators. Countries like the UK, Lithuania, and Hong Kong all cautioned Binance against unregulated market activity.
Crypto compliance with global regulation is the new industry buzz. The regulatory landscape is shifting wildly, and rules still remain unclear, underdeveloped, or non-existent. Those operating in the decentralized space must take extra precautions to not impede the developing industry.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.