Binance officially announced that the crypto exchange will no more support Korean Language, it will discontinue its support to Korean Language and also remove won trading pairs. The decision regarding Korean payments options is applicable with immediate effect.
Binance today hinted at changes to its product offering range regarding South Korea. The recent incidents seem to change in Binance’s strategic paradigm. As a result of this paradigm shift, Binance also decided to cancel its P2P merchant applications, it has been decided that the crypto exchange would also discontinue its support to the Korean language.
Won trading pairs will no longer be available on Binance’s exchange at 11:00 a.m. UTC today. The company warned users to complete all of their won related trades and remove related promotions by 10:00 am. The decision has been made to follow their local regulations. This step taken by the company’s top management is an attempt to take the initiative in its regulatory positioning, as CEO Changpeng Zhao has indicated.
Binance has been one of the most troublesome crypto exchanges when it comes to dealing with regulatory authorities. The company has gone through a series of legal battles in different countries on its ignorance of rules and regulations. However, in recent times the change in strategic planning shows that the company is willing to improve its relations with the law enforcement agencies.
However, South Korea is not on the list of countries that have sent out warnings to Binance regarding its unlawful activities. Binance is also permitted by the government to carry out its operations in South Korea. The fact is that the regulatory paradigm of North Korea is far from certain.
Another important factor that triggered Binance’s decision is regulatory uncertainties in South Korea. Recently North Korea has announced the country’s anti-money laundering laws. The federal authorities last month addressed all the foreign crypto exchanges that they have until Sept. 24 to register in line with new anti-money laundering laws. In case any exchange missed that deadline, it will face criminal proceedings and its access would be blocked as well.
Binance, back in December 2020, addressed its exchange situation back in 2020. The company told the press that they are concerned about its operation in North Korea because of low volume usage. Exchange is not hyperactive in South Korea could also be the reason behind today’s decision. Crypto Scholars on the matter have said that regulatory uncertainty and lack of usage volume, both factors that have played a significant in this particular decision.
However, South Korean crypto experts are hopeful that once the country’s new anti-money laundering policy would be approved, things will become extremely different, and all the uncertainty would be gone.