South Korea: Binance banned the use of South Korean won KRW

Binance Casino has officially announced new restrictions in a number of services for customers from South Korea. The exchange will stop trading in all pairs with the Korean Won (KRW) on its peer-to-peer platform. Users are advised to complete all active trades and take their listings off display. The restrictions apply to trading, P2P transactions and deposit payments. In addition, support for KRW transfer payment channels will be discontinued. Korean language support will also be removed from the exchange:

"Please note that we do not have official channels on Telegram or other means of communication in South Korea," it adds.

The company attributes the decision to its desire to "proactively ensure that its product and service offerings are compliant with local laws."

As Binance continually evaluates its product and service offerings for compliance with local regulations, we will immediately discontinue the following offerings in Korea.

- KRW trading pairs
- KRW payment options
- P2P trading apps
- Korean website support

Binance P2P will remove KRW trading pairs on Friday, 2021-08-13 at 11:00 UTC (20:00 UTC+9). Users are advised to complete all related P2P transactions and remove related trade advertisements by 2021-08-13 10:00 UTC (19:00 UTC+9) to avoid potential trade disputes.

Please also note that we do not use any official telegrams or other online communication channels in Korean.

Our goal is to create a sustainable ecosystem around blockchain technology and digital assets. Binance has welcomed regulatory changes in our industry as they open up opportunities for market participants to work more closely with regulators. We are committed to working constructively to develop policies that benefit every user.

Binance is setting new restrictions for the third Friday in a row. Last week it announced it was closing access to the derivatives platform to Hong Kong residents, and the week before that to residents of Germany, Italy and the Netherlands . Interestingly, South Korea was not on the list of countries that issued warnings to Binance in recent months, as some other regulators have done, but local lawmakers also have a policy of tightening controls on cryptocurrencies.

In April 2021, South Korea's FSC Chairman Eun Seong-soo warned of the risk of shutting down all local cryptocurrency exchanges. Only the country's largest platforms - Bithumb, Upbit, Korbit and Coinone - have complied with the agency's requirements, while Binance has no license to operate, or other approvals for financial services.

15.08.21

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