As Binance is recovering from regulatory backlashes, the management of the exchange have started making moves to comply with the regulations of each local jurisdiction.
On this note, Binance announced to have “discontinued” some of its product offerings that relate to Korea. Thus, Korean users would no longer be able to use the Korean Won (KRW) in making transactions or any crypto-related activities.
In lieu of this, the exchange announced that the Korean language support on its website would no longer be available. Therefore, Korean natives who don’t understand English would not be able to interact with Binance website.
In terms of funding or withdrawing from their wallets, the Korean Won payment options would cease to be available as it would be disabled from the backend.
Furthermore, P2P trades cannot be done in KRW too. Therefore, Binance advised Korean users to wrap up all trades to avoid any potential dispute.
In one word, Binance is restricting most of its products from Korea. On the other hand, some other exchanges are also taking this step while others have totally closed down their product offerings in Korea.
What could have caused this? Recall that the Korean government has updated its regulations demanding foreign exchanges to meet new requirements before September 24 this year; or else, they would be banned.
From this, it could be gleaned that Binance is keen on its goal to comply with regulations. Even more recently, the exchange has also restricted its derivatives from Hong-Kong users.
While this might seem like the exodus of foreign exchanges from Korea, analysts and some users are expectant concerning the eventual outcome of this.