Binance Korea to shut down exchange due to low trading volume

imageCryptocurrency1 hour ago (Dec 25, 2020 09:20AM ET)

Binance Korea to shut down exchange due to low trading volume

Binance KR has decided to shutter its operations in South Korea according to an announcement released on Thursday. As 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.

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 happen 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.

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Binance Korea to shut down exchange due to low trading volume

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