Binance Korean subsidiary has halted pairs in KRW as part of efforts aimed at proactive compliance with regulatory demands.
Binance has halted trading pairs in the Korean won (KRW) as part of a slew of modifications to its South Korean operations.
The crypto exchange giant announced the suspension of KRW trading pairs and KRW payment options on its service in a memo posted on Friday.
Korean language support on its website and merchant applications for peer-to-peer transactions (P2P) in South Korea are also no longer available.
Binance also recommended P2P traders remove all trade adverts denominated in KRW from the marketplace as part of the notification.
Binance explained its decision by stating that it was proactively complying with local legislation.
Indeed, under a stricter regulatory system, South Korean authorities have begun tightening the screws on crypto exchange firms in the country.
South Korean regulators have further broadened the scope of the legislation to encompass overseas platforms operating in the country, from a mandatory licensing regime to mandatory real-name trading accounts.
South Korean officials have given cryptocurrency exchanges until September 24 to register or shut down their businesses. Failure to do so might result in penalties and prison terms for the main players on the errant platforms.
Before the September 24 deadline, some exchanges have already declared preparations to shut down their operations, at least temporarily.
The country’s Financial Services Commission also intends to outlaw cross-exchange trading on crypto exchanges, posing considerable operational challenges for platforms in the country.
Meanwhile, the suspension of KRW trading pairs is the latest setback for Binance’s activities in many jurisdictions around the world.
Binance has received warnings from regulators in several countries in recent months, alleging that the exchange was operating without proper authority.
In the United Kingdom, banks and payment processors have also stopped working with the exchange giant. Binance had already declared a ban on futures trading for users in Hong Kong and a few European countries.