The Binance Korea cryptocurrency platform will cease operations next month.
In an appeal published inThursday, the exchange representatives justified theira solution to insufficient liquidity and low transaction volumes. In addition, a recently published bill obliges all crypto exchanges in Korea to share order books, which slows down the platforms.
The Korean branch was launched in April 2020 and only operated for 8 months.
Deposits to the platform close on December 24th, trading will be suspended until January 8th, and investors can withdraw fundsuntil January 29, 2021.
Binance Korea's Android mobile app will also be shutting down next month.
It is worth noting that in order to launch an exchange in South Korea, Binance had to acquire the Korean company BxB.At that time, Changpeng Zhao announced his plans for a long-term entry into the Korean market.
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Based on materialswww.theblockcrypto.com
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