Binance News

Binance Korea Announces Closure Due to Low Usage, Volume

  • Binance will be closing its local exchange in South Korea, possibly for good.
  • Users need to move their assets on or before January 29 or else they will lose access to their accounts indefinitely.
  • Last month, Binance also closed its exchange in Uganda.

Leading cryptocurrency exchange Binance has announced that its local exchange in South Korea will be closing indefinitely.

According to the announcement, this is due to low usage and volume with limited trading pairs of  BKRW. Consequently, this caused limited liquidity for its users in the said country.

Beginning December 24, Binance KR will stop any new registrations from its platform. Users can still move their assets to other exchanges or to their personal wallets until January 10, 2021. Meanwhile, the exchange will shut down on January 29, 2021. During this time, Binance KR will delist its BKRW/BUSD liquid swap and BKRW trading pairs.

Users need to move their assets on or before January 29 because they won’t be able to access their accounts after.

Binance wrote in the announcement:

Following the closure of the exchange, the Binance KR team will reassess its market strategy based on the resources and experience gained from operating a local exchange.

Additionally, Binance.com users who happen to have BKRW can still swap into BUSD at Binance Liquid Swap. Pegged to the Korean won, BUSD is the native token issued by Binance KR. Meanwhile, BUSD is Binance’s stablecoin pegged to the US dollar.

Last month, Binance also closed its Ugandan branch. This was shortly after Binance Uganda delisted Binance Coin (BNB), the mother exchange’s native cryptocurrency.

Read More: Binance Coin (BNB) Price Analysis and Price Prediction 2021

Jesus

Jesus is the Senior Editor of CoinQuora. He's been following the crypto space since 2016, and may possibly do so indefinitely. He covers various blockchain-based developments and crypto market trends.

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