As per the latest reports, Binance has made yet another announcement in regards to halting a trading pair in South Korea. The world’s largest cryptocurrency exchange has announced that it has put the trading pairs for Korean won (KRW) on halt.
For now, the exchange has revealed that it has halted the services due to make changes to its operations in South Korea. It is currently not confirmed how long the exchange would take to make necessary changes. However, the firm has gone ahead halting the services for trading pairs for KRW.
The announcement in regards to the halting of the KRW pairs was made by Binance officials on Friday, August 13, 2021. The most surprising aspect of the announcement made by Binance is that it has even halted the payments options for the Korean won. This means that the users would neither be able to make a deposit in KRW nor make a withdrawal.
Furthermore, the exchange has also announced the discontinuation of other services. Some other services discontinued by Binance include the South Korean language that was available for users on the website and the trading platform.
Another feature that Binance has discontinued includes the peer-to-peer (p2p) transactions feature that was available to South Korean users.
Furthermore, Binance went ahead and issued an intimation for the p2p traders. Binance advised the particular traders to take off any kind of advertisements that were displayed having KRW on them as the currency.
Following the announcement, several cryptocurrencies, as well as local reporting firms, approached Binance for clarification on the matter. The Binance officials revealed that it was not something out of the ordinary that they were doing. Their exchange is only trying to adhere to the regulations that have been implemented by the South Korean regulators.
The exchange is just trying to comply with the regulations that the local authorities in South Korea have implemented.
This is something that not only Binance has been experiencing ever since the beginning of 2021. Since the start of the running year, the South Korean regulators have been very aggressive towards the cryptocurrency industry.
The South Korean regulators have been tightening the regulatory net all around the cryptocurrency exchanges. The country wants to make the cryptocurrency industry completely clean, regulated, and streamlined for its locals and traders.
Just a couple of months back, the South Korean regulators had announced that even the foreign crypto-exchanges operating in South Korea, have to abide by the regulations. Therefore, Binance is trying its best to comply with the regulations and stand its ground in the South Korean market.
With this move, Binance is yet again trying to avoid confrontation from another major crypto-hub, which South Korea is.