Cryptocurrency exchange Binance announced today that the company has decided to shut down its Korean exchange due to low volume and limited liquidity. The exchange launched Binance Korea earlier this year in April to facilitate Korean clients.
According to the announcement shared with Finance Magnates, Binance Korea will disable new registrations and deposits from 24 December 2020. The last date for a withdrawal from the Korean exchange will be 29 January 2021.
The company mentioned a disappointing performance of the Korean exchange as the low usage and volume resulted in limited liquidity. The team of Binance Korea aims to reevaluate its local market strategy as the company’s limited offering failed to help the growth ambitions.
Commenting on the announcement, Jiho Kang, CEO of Binance Korea, said: “The crypto community and Binance users in Korea remain an important focus for us, and we plan to reassess our strategies based on the current market situation. Our reassessment for the market will aim to find a balance between providing robust services and offerings to users while ensuring compliance with regulatory requirements.”
Additionally, the CEO of Binance expressed his views on the recent development and thanked Korean clients for their support. Moreover, the company outlined plans to expand mass crypto adoption worldwide with the launch of new ventures and partnerships with local partners.
“During this time, we want to express our gratitude to the KR community and their understanding and support. As we continuously establish new ventures and develop platforms with local partners to increase access to crypto around the world, we will continue looking for ways to improve and provide the best services for users including our KR community,” Changpeng Zhao, CEO of Binance, said in a statement.
Binance remained in the news lately because of a leaked Tai Chi document story, and the exchange filed a lawsuit against Forbes over a misleading article.