Binance Exchange limits product offering in South Korea

Changpeng Zhao

TL;DR Breakdown

  • Binance limits product offering in Korea to meet regulatory demands
  • Exchange yet to face any regulatory pressure from Korean regulators
  • Binance exits Malaysia

Number one crypto firm, Binance exchange, has said it will limit its services to users in South Korea.

In a statement on Friday, the exchange said the reason is to proactively comply with local regulations after it evaluated its services and products as it often does.

In a long sequence of happenings in what looks like unstable regulatory progress, CEO of Binance US and former acting Comptroller of the Currency, Brian Brooks, announced that he was leaving his position at the exchange before that HSBC suspended payments tied to Binance exchange.

Its move to discontinue derivatives and products in Hong Kong ahead of the regulator’s hammer in Korea happens to be a step in the right part for the number one exchange firm.

The exchange firm has stopped offering trading with local fiats and terminated taking deposits with the Korean won.

It has also restricted P2P merchant applications. The exchange removed KRW pairs at 11:00 UTC. Lastly, the exchange stopped Korean language website support on the platform.

One reason why Binance exchange proactive move is a good one in Korea is that the country is not among the long list of countries whose financial watchdogs have issued warnings or notices that Binance is not permitted to be operating in its jurisdiction.

This is despite a tough crypto regulatory landscape in South Korea.

Last month, Korea’s Financial Intelligence Unit told foreign crypto exchanges they have until Sept. 24 to register in line with new anti-money laundering laws or face blocked access and possible criminal inquiries.

Binance exchange exit Malaysia

Binance exchange has exited from Malaysia after the Securities Commission Malaysia ordered the exchange to close all of its business in the country at the end of last month. The exchange got a 14-day ultimatum to pull out of the country.

The Malaysian regulator initially put Binance on a blacklist in July 2020, but the exchange continued its operations despite that.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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