Cryptocurrency platform Binance Korea will cease operations next month.
B address, representatives exchanges justified their decision by insufficient liquidity and low transaction volumes. In addition, a recently published bill obliges all crypto exchanges in Korea to share order books, which slows down the platforms.
The Korean branch was launched in April 2020 and operated for only 8 months.
Deposits on the platform close on December 24, trading will be suspended until January 8, and investors can withdraw funds until January 29, 2021.
The Binance Korea mobile app for Android will also stop working next month.
It is worth noting that in order to launch the exchange in South Korea, Binance had to acquire the Korean company BxB. At that time, Changpeng Zhao announced his plans for a long-term entry into the Korean market.
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According to www.theblockcrypto.com
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