Binance Korea to Close Operations Next Month

Cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term Binance announced today that the company has decided to shut down its Korean exchange due to low volume and limited Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term. The exchange launched Binance Korea earlier this year in April to facilitate Korean clients.

According to the announcement shared with Finance Magnates, Binance Korea will disable new registrations and deposits from 24 December 2020. The last date for a withdrawal from the Korean exchange will be 29 January 2021.

The company mentioned a disappointing performance of the Korean exchange as the low usage and volume resulted in limited liquidity. The team of Binance Korea aims to reevaluate its local market strategy as the company’s limited offering failed to help the growth ambitions.

Commenting on the announcement, Jiho Kang, CEO of Binance Korea, said: “The crypto community and Binance users in Korea remain an important focus for us, and we plan to reassess our strategies based on the current market situation. Our reassessment for the market will aim to find a balance between providing robust services and offerings to users while ensuring compliance with regulatory requirements.”

Binance CEO

Additionally, the CEO of Binance expressed his views on the recent development and thanked Korean clients for their support. Moreover, the company outlined plans to expand mass crypto adoption worldwide with the launch of new ventures and partnerships with local partners.

“During this time, we want to express our gratitude to the KR community and their understanding and support. As we continuously establish new ventures and develop platforms with local partners to increase access to crypto around the world, we will continue looking for ways to improve and provide the best services for users including our KR community,” Changpeng Zhao, CEO of Binance, said in a statement.

Binance remained in the news lately because of a leaked Tai Chi document story, and the exchange filed a lawsuit against Forbes over a misleading article.