Binance New Shutdown Targets S. Korean Traders
Binance exchange announced to shut down many services related to P2P services & KRW pair trading in Korea based users to comply with the regulators of South Korea.
Since recent months, Binance Exchange keeps changing many things in their services to comply with the rules of regulators globally. The reduced derivative trading leverage & also halted derivatives trading in Europe. Now Binance team is ready to change their services for South Korean users.
Related: Binance Exchange plans to get regulated all over the world
Binance Exchange announced to close following these services for crypto traders of Korea.
- KRW trading pairs
- KRW payment options
- P2P merchant applications
- Support in Korean language on the Binance website
The Exchange is doing this change because of the rules of Korean regulators. The local regulatory authority of Korea raised issues on these services.
The main reason to close the P2P services is because S. Korean regulators believe that P2P is not a good option of trading because these may bring many illegal activities like Money Laundering without knowing the exchange.
Binance exchange also ordered all crypto traders of Korea to stop/complete their trade order of P2P services & KRW pairs. And this will take into effect immediately.
Before this announcement, Binance team restricted the derivative trading facilities for the users of Hong Kong. And before this they restricted states of Europe to halt derivatives trading.
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