Binance Discontinues South Korean Won Trading Pairs, Payment Options

The crypto exchange will discontinue Korean language support and remove won trading pairs.

AccessTimeIconAug 13, 2021 at 9:30 a.m. UTC
Updated Sep 14, 2021 at 1:39 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Crypto exchange Binance said it will discontinue trading pairs and payment options using the South Korean won effective immediately.

  • The exchange announced Friday changes to its product offerings in South Korea, including the discontinuation of P2P merchant applications and Korean language support.
  • Won trading pairs will be removed at 11:00 a.m. UTC today, with users advised to complete all trades and remove related advertisements by 10:00 a.m.
  • Binance said it intends to proactively comply with local regulations, part of its recent attempt to take the initiative in its regulatory positioning, as CEO Changpeng Zhao has indicated.
  • South Korea is not among the long list of countries whose financial watchdogs have issued warnings or notices that Binance is not permitted to be operating in its jurisdiction, though the regulatory landscape there is far from certain.
  • The country's Financial Intelligence Unit last month told foreign crypto exchanges they have until Sept. 24 to register in line with new anti-money laundering laws or face blocked access and possible criminal inquiries.
  • Binance announced in December 2020 the closure of its South Korean affiliate due to low usage and volume.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



Read more about