Binance has bid adieu to an array of things over the last couple of months and Korean Won [KRW] trading pairs happened to be the latest to leave the platform.
One of the world’s most popular crypto exchanges, Binance had fallen under the purview of regulators from across the globe. The exchange had to deal with extreme scrutiny from these financial watchdogs. While the pressure persists and as the exchange continues to tackle them, it was seen discontinuing several services or support for certain assets.
Regulators from Japan, UK, Singapore, and the Cayman Islands were seen calling out Binance for operating in their respective regions without a proper license. Following this, the exchange lost prominent banks like Barclays in the UK and had also temporarily seized GBP withdrawals.
Now, in an effort to comply with the South Korean financial regulators, the exchange revealed that it would no longer support Korean Won trading pairs.
Korean Won shown the door
In a recent blog post the cryptocurrency exchange pointed out that would discontinue an array of offerings in Korea. This list included, the Korean Won trading pairs, KRW payment options, P2P merchant applications as well as Korean Language website support. KRW trading pairs would lose prominence in the Binance P2P section starting from 13 August 2021 post 11:00 UTC.
The exchange further noted that it was pulling the plug on the aforementioned services in order to comply with the regulations put forth by the South Korean government.
The blog post read,
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”
This big Binance takedown has caused the exchange great loss. While the monetary loss is on one side, the exchange has been losing out on major partnerships and this could cost the platform in the long run.
