Binance announces suspension of some of its products’ trading in South Korea leaving millions of South Korean customers to dishearten and repenting. Binance says that it has examined certain South Korean crypto regulations which suggest it immediately suspends offering certain products on an immediate basis.
There is too much going around at Binance at a time. Recently, the CEO of Binance US has tendered his resignation and is about to leave in a few days. Meanwhile, the firm’s activities have been questioned by most of the country’s regulators where Binance was rendering crypto trade services. In few states of the world, the regulators have already taken drastic measures against the firm. Similarly, where no action has been taken yet, Binance itself is taking punitive actions. However, the end sufferers are the consumers/customers who were utilizing Binance’s services in many parts of the world.
While show-cause notices were being issued to Binance, the firm too was suspending its trading arms in other countries. The last location where Binance suspended its trading services was Hong Kong. Now today i.e. 13th August 2021, Binance Global has made another announcement of suspending its services partially in a country. This time the suspension has been implemented for the customers residing in South Korea. The south Korean crypto market is one of the biggest markets in the world and the market is continuously evolving.
In the announcement, Binance informed that it has thoroughly examined certain regulations that are prevailing in South Korea. It noticed that during examination it was found that some of the regulations were not in line with the firm’s interest. Therefore, a decision has been made to immediately suspend trade of a few of Binance’s crypto products, said the notice. The notice detailed that four products have been suspended for Binance’s South Korean customers. These products/services included peer-to-peer applications for merchants, native language support, KRW payment options, and trading pairs.
The firm also stated that all the services relating to P2P exchange would be immediately discontinued. South Korean customers of Binance have been warned to immediately see if any of their P2P trades are pending. They have been advised to conclude their P2P transaction before a certain period. The customers have been further asked to ensure the removal of advertisements relating to any P2P trading as well.
Weighing the huge potential of crypto in the South Korean market, Binance had earlier added language support options for South Korean users. The option was appreciated by almost every single user from South Korea and loved by all. However, while suspending a few of its products and services, language support fees too have been withdrawn. Now the customers from South Korea can access the website in English language only.
The firm further notified that there is no official account of Binance on Telegram nor is there any other communication channel.
