{"id":140960,"date":"2020-12-24T16:55:42","date_gmt":"2020-12-24T13:55:42","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/binance-korea-to-shut-down-exchange-due-to-low-trading-volume\/"},"modified":"2020-12-24T16:55:42","modified_gmt":"2020-12-24T13:55:42","slug":"binance-korea-to-shut-down-exchange-due-to-low-trading-volume","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/binance-korea-to-shut-down-exchange-due-to-low-trading-volume\/","title":{"rendered":"# Binance Korea to shut down exchange due to low trading volume"},"content":{"rendered":"<p>&#8220;<strong># Binance Korea to shut down exchange due to low trading volume <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjAtMTIvZWMzZWQ3YTAtOTNlYS00MTU3LTljNDEtY2Y5NmYxNzcyZTMyLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>Binance KR has decided to shutter its operations in South Korea according to an <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.binance.com\/en\/support\/announcement\/bb6b093d902742f08eb92c75536e0da4\">announcement<\/a> released on Thursday.\u00a0As part of the press statement, Binance KR attributed the move to declining liquidity and low trading volume of its BKRW trading pairs. BKRW is a stablecoin pegged 1:1 to the Korean Won used for crypto-to-crypto settlements on the platform.<\/p>\n<p>According to the details provided by Binance KR, the shutdown timeline will begin with ceasing all new account registrations on Thursday. The halting of trading services is scheduled for Jan. 10, 2021, with a hard shutdown on the platform and delisting of all BKRW pairs expected to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en on Jan. 29. Binance KR customers now have until Jan. 29 to liquidate their BKRW holdings either for the BUSD stablecoin or other supported cryptocurrencies.<\/p>\n<p>As previously reported by Cointelegraph, Malta-based crypto exchange giant Binance announced the launch of its South Korean platform back in March. At the time, the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> confirmed months of speculation of Binance pursuing expansion plans into the country in partnership with local fintech firm BxB.<\/p>\n<p>Binance KR reporting shrinking liquidity for trading in Won-backed trading pairs is symptomatic of previous volume issues reported in the broader South Korean crypto market. Back in Aug. 2019, reports emerged that 97% of local exchanges were in danger of bankruptcy.<\/p>\n<p> Stricter regulations have reportedly forced blockchain outfits to pursue token listings on overseas exchanges further exacerbating the trading volume problem in the country. In 2020, South Korean authorities finally legalized cryptocurrency trading while stipulating rigid compliance to real-name trading accounts.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/binance-korea-to-shut-down-exchange-due-to-low-trading-volume\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Binance Korea to shut down exchange due to low trading volume &#8221; Binance KR has decided to shutter its operations in South Korea according to an announcement released on Thursday.\u00a0As part of the press statement, Binance KR attributed the move to declining liquidity and low trading volume of its BKRW trading pairs. BKRW is&#8230;<\/p>\n","protected":false},"author":1,"featured_media":140961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-12\/ec3ed7a0-93ea-4157-9c41-cf96f1772e32.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74860,117,72420],"class_list":["post-140960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-cryptocurrency-exchange","tag-business","tag-south-korea"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/140960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=140960"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/140960\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/140961"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=140960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=140960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=140960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}