March 29, 2024

Binance Introduces Restrictions For South Korean Users

Cryptocurrency exchange Binance today announced it is restricting a number of services for customers in South Korea.

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So,the exchange will stop trading in all pairs with the Koreanwon (KRW) on their peer-to-peer platform. Users are encouraged to complete all active transactions and remove ads from display. In addition, support for payment channels for KRW transfers will be discontinued. Also, Korean language support will be removed from the exchange.

The company explains the decision by its desire to "proactively ensure that its offerings of products and services comply with local legislation."

“Please note that we do not have official Telegram channels or other means of communication in South Korea,” she adds.

Binance sets new limits on the thirdFriday in a row. It announced last week that it would shut down access to the derivatives platform for Hong Kong residents, and a week earlier for residents of Germany, Italy and the Netherlands. Interestingly, South Korea was not included in the list of countries that have issued warnings to Binance in recent months, as some other regulators have done, but local legislators are also pursuing a policy of tightening control over cryptocurrencies.

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