Crypto exchange Binance said it will discontinue trading pairs and payment options using the South Korean won effective immediately.
- The exchange announced Friday changes to its product offerings in South Korea, including the discontinuation of P2P merchant applications and Korean language support.
- Won trading pairs will be removed at 11:00 a.m. UTC today, with users advised to complete all trades and remove related advertisements by 10:00 a.m.
- Binance said it intends to proactively comply with local regulations, part of its recent attempt to take the initiative in its regulatory positioning, as CEO Changpeng Zhao has indicated.
- South Korea 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, though the regulatory landscape there is far from certain.
- The country’s Financial Intelligence Unit last month 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 announced in December 2020 the closure of its South Korean affiliate due to low usage and volume.
Read more: State of Crypto: Binance Is Firmly in the Regulatory Crosshairs