Binance Korea closes its doors due to low trading volume

The closing schedule began with the termination of all new account registrations this Thursday

Korea-based cryptocurrency exchange Binance has decided to close its doors due to declining liquidity and declines in trading volume in its BKRW peers.

As it is known, BKRW is considered a stablecoin pegged 1: 1 to the Korean Won that is used for crypto-to-crypto settlements on the platform.

According to the details provided by the company, the process began with the termination of all new account registrations. The closing of the trading services is scheduled for next January 10, 2021 and the complete closing of the platform is scheduled for January 29.

For its part, Binance KR reported that the declining trading liquidity of its Won-backed peers is a symptom of previous volume problems, which were reported in the broader cryptocurrency market in South Korea.

The problems in the country are further exacerbated due to the strict regulations that have forced many blockchain companies circulating in the Asian nation, which has caused many of them to register their tokens in exchanges abroad.

K. Villarroel

Source: cointelegraph

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