Binance Korea to cease operations at the end of January 2021
Binance will close its Korean division in January 2021
The exchange does not see trading activity for this region
The company will continue to expand the crypto market in South Korea
International consortium of news organizations developing transparency standards.
Binance’s South Korean arm, Binance Korea, will halt trading in late January 2021. The exchange announces this on its official website..
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Low trading volume is cited as the reason. Despite the closure of the local exchange, the head of Binance Changpeng Zhao still intends to continue to develop new platforms and collaborate with local partners, writes local blockchain correspondent Colin Wu.
Since the beginning of the year, Binance has closed branches in some countries at once, which is believed to be due to strict local supervision..
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A month earlier, Huobi became interested in buying the Japanese exchange Bitflyer and the Korean giant Bithumb. The takeover decision is reportedly based on unwillingness to depend on the Chinese market.
“Huobi is aware of the risks associated with dependence on the Chinese market, so it is very urgent to expand into overseas markets,” Wu wrote..
Wu suggests that Huobi is seen as a serious threat from the Chinese authorities, and therefore is in a hurry to take over foreign companies.
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In the meantime, Korea has postponed the introduction of a 20% tax on income from cryptocurrencies until January 1, 2023. The Korean Blockchain Association has long urged the authorities to delay the introduction of taxation until the appropriate infrastructure is in place.
How Singapore and South Korea became leaders in cryptocurrency regulation – read in the material BeInCrypto.
Despite attempts to regulate the cryptocurrency industry, the authorities are actively exploring the possibility of launching their own digital currency.
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In the summer of 2020, the Bank of Korea announced the formation of a related advisory group. The regulator plans to launch its own cryptocurrency (CBDCBills and coins may be a thing of the past due to a new financial instrument – central bank digital currencies (CBDC). As … More) in 2021.
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