2020 is probably the worst year in history. Yet, some crypto platforms like Binance managed to thrive despite the setbacks caused by the COVID-19 pandemic. The exchange was seen diving into several new markets this year while keeping up with the developments pertaining to the platform. Bitcoin’s price movement has got every crypto platform busy at the moment, however, some platforms seem to be going out of business despite the ongoing bull run. One of Binance’s branch was seen undergoing the same.
Binance Korea To Close Shop Following Low Trading Volume
Binance makes sure to maintain its name in the headlines. The exchange is touted as the world’s largest crypto platform and hasn’t slipped down from its post. However, this time the exchange has made the headlines announcing the closure of a branch. In a recent blog post, the exchange alerted its users that it was going to pull the plug on Binance Korea.
The blog post revealed that BKRW charge up as well new registrations at the Korean wing of the exchange was put on hold on 24 December 2020. The trading services is scheduled to stop on 10 January 2021 post 1:00 PM KST. On 29 January 2021, a hard shutdown along with the delisting of BKRW/BUSD Liquid Swap and BKRW trading pairs would take place. Following this, the accounts of Binance KR users would be inaccessible.
The blog post read,
“Binance KR will terminate the local exchange operations due to low usage and volume with limited trading pairs of BKRW, resulting in limited liquidity for its users. Following the closure of the exchange, the Binance KR team will reassess its market strategy based on the resources and experience gained from operating a local exchange.”
It seems like the interest of South Koreans in crypto isn’t very high. The crypto platform’s decision to pull the plug on its branches during the bull run due to low trading volume stands as substantial proof of the aforementioned statement. As the world was recovering from the pandemic, South Koreans seem to be highly affected by the virus right now.