This is Not Binance First Time In the Korean Market
This is not the first time Binance has tried to break into the South Korean crypto market. It tried using a more direct approach before it closed down Binance South Korea in 2020.
The restrictions that prevented Binance from continuing were largely based on the government's anti-laundering and investor protection laws.
When this event happened in 2020, Binance released a report telling its users about the decision to close down Binance South Korea. The news release read, "Binance KR will terminate its local exchange operations due to low usage and volume with limited trading pairs of BKRW, resulting in limited liquidity for its users. Following the exchange's closure, the Binance KR team will reassess its market strategy based on the resources and experience gained from operating a local exchange."
When this happened, they apologized to their customers already using their services in the Korean crypto market. In addition to this, they gave us instructions which customers should follow.
"Binance.com users who have BKRW, a token issued by Binance.KR, with a price pegged to the Korean Won at a 1:1 rate, has several choices to settle the BKRW assets on the Binance exchange."
"We apologize for any inconvenience. Our customer support team will be available throughout the offboarding process leading to the closure," they added.
