Binance stated on August 13 that certain services formerly open to Korean traders will halt.
Binance’s newest statement follows a spate of product offerings being shut down across the largest crypto trading platform’s global network. The latest closures affect Korean traders. KRW payment options, KRW trading pairs, P2P merchant applications, and Support in Korean on the website are among the offerings that Binance has decided to discontinue.
The adjustments, according to the network, will take effect immediately. With KRW trading pairs being suspended, the exchange has urged Korean traders to finish all P2P trades and cancel any orders.
The exchange underlined its objective of a “sustainable ecosystem” for distributed ledger technology and cryptocurrency, as it has in previous announcements of this nature. Binance said it is willing to collaborate as major regulators across the world start implementing crypto sector rules.
“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,” the exchange explained its decision.
Binance’s changes for Korean traders were preceded by a focus on its Hong Kong user base. Binance banned Hong Kong-based traders from trading derivatives on August 6. Previously, users in Germany, Italy, and the Netherlands had to deal with regulatory changes as well.
Of recent one of the most significant measures was the suspension of margin trading with several of the world’s most important currencies. The euro, the pound, the euro, and the Australian dollar were affected by the move, which happened in late July.
Following repeated warnings from regulators, the exchange’s products have been changing on a regular basis. The United Kingdom, Lithuania, and Hong Kong have all warned the platform about uncontrolled market operations.