Binance has decided to make changes to its scope of operations in South Korea. The crypto exchange announced this on its official website.
The first change involved the crypto exchange deciding to stop South Korean Won (KRW) trading pairs, the options to make payments in KRW, P2P trading applications, and Korean language support on its site.
The deletion of the KRW trading pairs occurred on April 13th. Customers were also advised to complete all P2P trades in advance, as well as remove trade ads.
The South Korean government has decided to tighten the rules for the cryptocurrency sector in the country. Crypto exchanges need to get registration. This rule also applies to foreign exchanges.
The government has decided to punish exchanges that fail to register with up to five years in prison, fines of up to 50 million won, and block their websites.
Some exchanges have decided to terminate their operations in South Korea.
In addition, the Financial Services Commission proposes to prohibit cross-trading on cryptocurrency exchanges.
We hope that no further bans will follow for Binance.