{"id":47666,"date":"2021-08-13T15:53:37","date_gmt":"2021-08-13T12:53:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=47666"},"modified":"2025-09-01T22:28:25","modified_gmt":"2025-09-01T19:28:25","slug":"binance-bans-use-of-the-south-korean-won-on-its-platform","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/binance-bans-use-of-the-south-korean-won-on-its-platform\/","title":{"rendered":"Binance bans use of the South Korean won on its platform"},"content":{"rendered":"

The cryptocurrency exchange Binance banned<\/a> customers from using the South Korean won in transactions on its platform. The restrictions apply to trading, P2P trades and deposit payments.<\/p>\n

The company said its decision was driven by a desire to comply with South Korean law. The country is not on the list of jurisdictions whose regulators are investigating Binance’s activities, but the regulatory environment in this jurisdiction is ambiguous.<\/p>\n

On one hand, the state has fully legalised cryptocurrency trading. On the other, it has imposed strict requirements for registering Bitcoin exchanges, which must obtain a license FSC<\/span> by 24 September 2021. In particular, together with partner banks, such platforms must ensure compliance with procedures KYC<\/span>.<\/p>\n

In April 2021, FSC Chairman Eun Sung-soo warned<\/a> of the risk of all local cryptocurrency exchanges being shut down. The regulator’s requirements were met only by the country’s largest platforms \u2014 Bithumb, Upbit, Korbit and Coinone.<\/p>\n

At the start of August, media reports appeared of the FSC to halt operations of 11 trading platforms<\/a> and to report their violations to prosecutors and the police.<\/p>\n

Binance took a similar decision with respect to the Malaysian ringgit. At the end of July, Malaysia’s Securities Commission issued a \\u201cpublic reprimand\\u201d<\/a> to the company, its leadership and affiliated entities \\u201cfor the illegal operation of a digital asset exchange (DAX).\\u201d<\/p>\n

Binance, whose activities have drawn the interest of several regulators in recent months, is now taking a more proactive stance on compliance, moving away from a reactive approach in favour of a preventive one.<\/p>\n

\n

.@binance<\/a> pivoting from reactive compliance to proactive compliance. Stay tuned.<\/p>\n

\u2014 CZ \ud83d\udd36 Binance (@cz_binance) August 6, 2021<\/a><\/p><\/blockquote>\n