Binance ceases to provide services to users in Malaysia and South Korea
According to an announcement issued by the cryptocurrency exchange Binance, Binance had to stop services and delist various local trading pairs in Malaysia and South Korea due to regulatory reasons.
Previously, Malaysian regulators have determined that it is illegal for cryptocurrency exchange Binance to provide local users with derivatives transactions without obtaining relevant licenses.
At that time, Binance quickly stopped providing cryptocurrency derivatives trading to Malaysian users, mainly including futures trading, contract trading, and leveraged token trading.
But it seems that local regulators are not satisfied with Binance’s adjustments, because users can still buy and sell cryptocurrencies through Binance and use Malaysian ringgits.
“Male hands holding smartphone with an open Binance application”by wuestenigel is licensed under CC BY 2.0
According to the announcement issued by Binance, the exchange ceased to provide the following services in Malaysia from now on: ringgit trading pairs, ringgit payment methods, and peer-to-peer transactions, etc.
The ringgit trading pair refers to the cryptocurrency that supports the trading of the Malaysian ringgit, such as the ringgit to bitcoin, the ringgit to ether, or the bitcoin to ringgit.
The ringgit payment method is to directly cut off the payment of Malaysian users, and local users cannot use the Malaysian ringgit to purchase cryptocurrency directly on Binance.
Peer-to-peer transactions are mainly Binance peer-to-peer merchant transactions. Users cannot buy or sell any cryptocurrency through Malaysian ringgits through peer-to-peer transactions.
However, in the announcement, Binance did not state that it would prohibit Malaysian users from continuing currency transactions, which means that users can still conduct transactions through currency in and currency out methods.
At least at this stage, Binance has not directly locked all users who are authenticated in Malaysia, but it may be banned in the future if required by regulatory agencies.
Similar to Malaysia, Binance also stopped providing users with Korean won-related transactions, and South Korea is also one of the most active markets for the whole family’s cryptocurrency.
For this reason, Binance once provided Korean website support for Korean users. Now Binance has not only delisted the Korean Won trading pair but also delisted the Korean version of Binance Exchange.
The same Binance did not say that it will restrict the authentication of South Korean users from continuing to conduct currency transactions, but these Korean users need to use the English version of Binance.
Compared with Malaysia, South Korea has a relatively complete cryptocurrency regulatory policy. If Binance can apply for relevant licenses or permits in the future, it may be able to return.
Finally, Binance also reminded the exchange that there is no Telegram channel operated in Korean, reminding users to avoid joining unofficial channels to avoid being deceived by scammers.
