Binance to Terminate All Operations in Korea Next Month

​Binance, a leading cryptocurrency exchange, announced that it has decided to shut down its business in Korea, Binance Korea (Binance KR), due to low usage and volume with limited trading pairs of BKRW.

The closure comes just eight months after the exchange's launch in April 2020.

According to the announcement, the Binance KR team will reassess its market strategy based on the resources and experience gained from operating a local exchange after the shutdown.

Binance Korea will close BKRW charge up and new registrations from 24 December 2020. Further, The last date for a withdrawal from the Korean exchange will be 29 January 2021 and user accounts of Binance KR will be inaccessible.

Commenting on the announcement, Jiho Kang, CEO of Binance Korea, said: “The crypto community and Binance users in Korea remain an important focus for us, and we plan to reassess our strategies based on the current market situation. Our reassessment for the market will aim to find a balance between providing robust services and offerings to users while ensuring compliance with regulatory requirements.”

“During this time, we want to express our gratitude to the KR community and their understanding and support. As we continuously establish new ventures and develop platforms with local partners to increase access to crypto around the world, we will continue looking for ways to improve and provide the best services for users including our KR community,” Changpeng Zhao, CEO of Binance, said in a statement.