Binance Shuts Down KRW Pairs Amid Tightening Regulation Of Crypto Exchanges In Korea

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Binance halted trading in Korean Won (KRW) pairs as part of a series of changes to its operations in South Korea.

In a notice published on Friday, the crypto exchange giant announcement stopping KRW trading pairs as well as KRW payment options on its service. Other discontinued features include support for Korean on its website and merchant apps for peer-to-peer (P2P) transactions in South Korea.

As part of the announcement, Binance also advised P2P traders to remove all KRW-denominated trade ads from the platform. Detailing the reason for the decision, Binance said it is proactively complying with local regulations.

Indeed, South Korean authorities have set their sights on crypto exchange operators in the country amid a tightened regulatory regime. From a compulsory licensing scheme to compulsory real-name trading accounts, South Korean regulators have even broadened the scope of the policy to include foreign platforms operating in the country.

Crypto exchanges have until September 24 to register with South Korean regulators or stop trading. Failure to do so could result in fines and jail time for the major players in the Wandering Platforms.

Related: South Korea’s Crypto Regulations Now Extend to Foreign Firms

Some exchanges have already announced their intention to close their operations, at least temporarily, before the September 24 deadline.

The country’s Financial Services Commission is also planning to ban cross-trading on crypto exchanges, which could pose significant operational hurdles for platforms nationwide.

Meanwhile, for Binance, the shutdown of KRW trading pairs is the latest disruption to the platform’s operations in jurisdictions around the world. In recent months, Binance has received warnings from regulators in different countries declaring that the exchange was operating without proper authorization.

Banks and payment processors in the UK have also services withdrawn from the exchange giant. Earlier in August, Binance announced a restriction on trade in derivatives for users in Hong Kong as well as some European countries.