Cryptocurrency exchange Binance has announced the suspension of trading pairs and services tied with the South Korean won (KRW). According to a press release, the exchange will close peer-to-peer (P2P) KRW trading pairs on Friday, 2021-08-13 at 11:00 UTC (20:00 UTC+9).
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"Users are advised to complete all related P2P trades and remove related trade advertisements by 2021-08-13 10:00 UTC (19:00 UTC+9) to avoid potential trading disputes," the exchange said.
Binance will also disable the following services: KRW trading pairs, KRW payment options, and Korean language website support. The exchange has not explained what was reason for the suspension, however, it aims to create a "sustainable ecosystem around blockchain technology and digital assets."
The decision comes after media reported that 11 cryptocurrency exchanges closed their doors in South Korea as a result of an audit by the Financial Services Commission (FSC).The full list of the exchanges that suspended services remains unknown.
Prior to Binance, three other South Korean cryptocurrency exchanges also already announced their closure — Darlbit, CPDAX and Bitsonic.
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