Binance South Korea and Malaysia services suspended with immediate effect

Share on facebook
Share on google
Share on twitter
Share on linkedin
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.

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.

Dylan Leighton

Dylan Leighton

Dylan Leighton is an composer, music producer, sound designer and mix engineer from the United Kingdom. Making music for over 40 years, he creates music for corporate clients, film and video, and his own personal enjoyment. Writing under the artist name Kalliste, he has composed in just about every genre, from hip-hop to funk to classical.

Leave a Replay

Sign up for our Newsletter

Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit