Crypto exchange Binance said it will discontinue trading pairs and payment options using the South Korean won effective immediately. The exchange announced Friday about changes in its product offerings in South Korea.
The firm will discontinue KRW trading pairs, KRW payment options, P2P merchant applications and Korean language support.
Binance will remove the Won trading pairs at 11:00 a.m. UTC today. The users are advised to complete all trades and remove related advertisements by 10:00 a.m. Binance said that it means enterprisingly go along with the local regulations.
South Korea is not among the countries whose financial watchdogs have issued warnings or notices against Binance. Although the regulatory scene there is very uncertain. Binance aims to create a sustainable ecosystem around blockchain technology and digital assets.
The country’s Financial Intelligence Unit last month told foreign crypto exchanges that they have until Sept. 24 to register in line with new anti-money laundering laws or face blocked access and possible criminal inquiries.
Also in December 2020, Binance announced the closure of its South Korean affiliate due to its low usage and volume. Recently, Binance restricted its derivatives products for all of its Hong Kong users. Binance also winded down its futures and derivatives products for the European market.