Binance to close branch in South Korea

The Binance cryptocurrency exchange’s unit in South Korea will cease operations at the end of January 2021 due to low trading volume, journalist Colin Wu reported.

Wu learned that Binance Korea announced on the 24th that it would terminate operations at the end of January next year due to low transaction volume. CZ stated that he will continue to establish new venture capital companies, develop platforms with local partners, pic.twitter.com/tvmTmBy20U

— Colin Wu（Wu Blockchain） (@WuBlockchain) December 24, 2020

CEO Binance Changpeng Zhao said the company would continue to create new venture-capital firms, develop platforms with local partners, and seek opportunities to serve all users, including Korean users.

In November, the exchange’s branches on the island of Jersey and in Uganda ceased operations. Colin Wu suggested that the closure of Binance units in different countries is linked to tightening local regulation.

He noted that the company, together with Huobi, had attempted to acquire the Korean exchange Bithumb.

Earlier, Changpeng Zhao said that Binance annually conducts between 30 and 50 deals concerning the acquisition and purchase of other projects.

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