02.09.2021 News

Binance removes Norwegian krone

Binance has decided to stop supporting NOK trading pairs and NOK payment methods. The exchange has also abandoned offering Norwegian language support on its website.

This decision was taken following global regulation tightening regarding crypto. In June, the Norwegian Financial Conduct Authority pointed out the threats of investing in and exchanging cryptocurrencies.

According to the authority, cryptocurrency platforms must abide by the anti-money laundering rules, in addition to the terrorist organization financing prevention laws. The platform’s decisions were effective directly after their announcement on August 27th. Binance also relinquished its communication channels in Norwegian, including on Telegram.

“We are committed to working constructively to develop policies that benefit every user,” reads the Binance website.

Prior to that, similar sanctions affected Hong Kong, Germany, Italy and the Netherlands. The exchange has also recently introduced KYC checks and has lowered the daily withdrawal limit from 2 BTC to 0.06 BTC. This rule affected new users who had passed basic verification processes.

Perhaps other changes are on the way.

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