The world’s biggest crypto exchange has today said that Binance South Korea and Malaysia services will be restricted, with Korean Won and Malaysian Ringgit trading pairs announced the discontinuation of Won payment options on it’s network today with immediate effect. All Binance South Korea & Malaysia services involving KRW and MYR trading pairs, payment options and P2P merchant applications have been restricted, as well as Korean language support
The decision apparently is part of the company’s drive to appease regulators, as it has recently run into a number of issues over the last few months, not least saying it would no longer provide services in Great Britain.
However, whilst Korean authorities have not issued an individual warning against Binance directly, the country’s regulations have already seen other cryptocurrency exchanges begin to wind down services or re-locate, as new AML laws require exchanges to have a verifiable real-name bank account for users.
“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”Binance Official Statement
Binance South Korea and Malaysia services pulled to avoid further regulatory actions
In July 2021, 12 countries issued regulatory warnings against Binance, with most accusing it of operating without the necessary regulatory clearances, and it appears this has led to CEO Changpeng Zhao (better known in crypto circles as CZ) to promise the company would co-operate more closely with regulators in the future.