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Cryptocurrency exchange BINANCE announced Thursday it is closing its South Korea operations after eight months due to low usage and volume.
- The stock exchange stated that it was difficult to operate in South Korea because of low trading volumes, which resulted in limited liquidity for its users. The Korean binance subsidiary had relied on its parent company to obtain liquidity, but that ability was about to be prohibited under a domestic law, Valid March 2021, forbid the sharing of booklets.
- Binance stated that it will close all new listings and filings on the local stock exchange effective today at 14:00 local time. Binance korea users will be able to redeem funds in Korean fiat currency or other cryptocurrencies and complete withdrawal before Jan. 29, 2021; following this date, withdrawal will be unavailable.
- Once Korea's binant operations were completed, the team said they would re-evaluate their commercial approach in the country.
Read more: Crypto Exchange Binance Suspends Trading Over ‘Systems Messaging Error’
