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Crypto Exchange Binance Terminates South Korea Operations Due to Low Usage
Cryptocurrency exchange Binance said a new South Korean law going into effect early next year was another factor.
Cryptocurrency exchange Binance announced Thursday it is closing its South Korea operations after eight months due to low usage and volume.
STORY CONTINUES BELOW
- The exchange said it has been challenging to operate in South Korea due to low transaction volumes, which resulted in tight liquidity for its users. The Korean affiliate of Binance had been relying on its parent for liquidity but that ability was about to be banned under a law in the country, in effect March 2021, prohibiting order book sharing.
- Binance said it will close all new registrations and deposits on the local exchange starting today at 2:00 p.m. local time. Binance Korea users will be able to redeem funds in Korean fiat currency or other cryptocurrencies and complete withdrawals before Jan. 29, 2021; after this date, withdrawals will be inaccessible.
- Once the operations of Binance Korea have been closed, the team said it would reassess its business approach in the country.
Read more: Crypto Exchange Binance Suspends Trading Over ‘Systems Messaging Error’
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
