Binance leaves South Korea
The Asian cryptocurrency market is a completely different financial nature, different from the American and European ones. Local users have a completely different view of trading with cryptocurrency, and large companies invest in certain projects in their own way. Also, representatives of many eastern countries are characterized by boundless trust in local platforms. Traders from the notorious South Korea trite trust their domestic platforms more than Western corporations. As a result, the latter are not in the most favorable position, and therefore, unfortunately, are forced to suspend their own work. A similar situation happened with the digital platform Binance. The exchange leaves the region, leaving South Korea. Next, we will look at the details of the event and tell you what will happen next. So let’s get started.
About Binance East
Surely each of our readers knows that Binance is one of the largest digital platforms of our time. This exchange has long conquered the American market, conquered the European industry and is actively developing around the world. But not in Asia. There are completely different laws, more complex mechanisms for accepting currencies and individual platforms. In the case of South Korea, Binance faced record low traffic. In fact, the exchange ended up in a vicious circle. Due to high competition from local platforms, the American syndicate is forced to show loyalty to Korean users, creating divisions between its main audience and users from Asia. Indeed, Europeans find it difficult to understand why their favorite exchange behaves differently in a foreign market, but at the same time neglects its own users.
In such a difficult situation, Binance is literally forced to solve too many issues. And, due to the inability to withstand local exchanges, the platform is losing traffic. The company simply lacks ratings. Asian users see no prospect in collaborating with Binance. A similar situation occurred in Uganda, as well as the island of Jersey. But in the case of South Korea, we are talking about completely different reasons. The local market is much more interesting for eastern users. Therefore, Binance is closing its own branch and exiting the region by the end of 2021. How to be ordinary users than replace Binance? Let’s figure it out.
What should users from South Korea do?
First, think about the timely withdrawal of funds. Literally in a month, working with your own digital savings on Binance within the territorial framework of South Korea will become impossible. Hence, the time has come to look for a replacement. All readers using the platform and residing in South Korea have enough time to redistribute their capital to other platforms. Bithumb and Upbit definitely deserve special attention. Don’t worry, though. Apparently, the decision of the Western corporation is temporary.
Binance said it does not intend to leave the eastern market entirely. It is still rich in interesting companies and promising projects, which the company will surely master and support in the coming times. But, for now, without direct processing of translations. Chances are good that if Binance sees a strong prospect in the resumption of work, the exchange will return. It is a matter of time and the wishes of users.
At the moment, you need to sensibly approach your own tokens, deal with translations and get ready to work in the new functionality. It is also important to follow all the news from the cryptoindustry. Stay up to date with current events with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!