Binance Stops Service In South Korea, Why?

JAKARTA – The Binance crypto exchange has officially stopped its services for South Korean users. Binance announced the information on Friday, August 13 through its official website saying that the company has evaluated local regulations and will be discontinuing offering its products and services.

Last week, Binance United States (US) CEO Brian Brooks reportedly resigned from his position. Previously, the company had also stopped offering its products in Hong Kong. HSBC has also suspended payments related to Binance. Sometime later, on Friday, Binance officially stopped its services for South Korean users.

“As Binance is constantly evaluating its product and service offerings to proactively comply with local regulations,” Binance said, “we will be discontinuing offerings including in Korea, effective immediately,” Binance wrote on its official website as quoted from Bitcoin.com.

Binance is discontinuing a number of its services which include KRW trading pairs, KRW payment options, P2P trading apps, and Korean-language website support. The points above have been officially discontinued. Peer-to-peer (P2P) crypto trading services will also be discontinued.

“Binance P2P will clear the KRW trading pair on Friday, 2021-08-13 at 11:00 UTC (20:00 UTC+9). Users are advised to complete all related P2P trades and remove related trading ads," Binance wrote in its official announcement.

Not only that, but Binance has also stopped its official communication services such as those on Telegram and others that use Korean. "Please also note that we do not operate official Telegram or other online communication channels in Korean," Binance said.