Binance has halted Korean won (KRW) trading pairs as part of a raft of changes to its operations in South korea.

In a detect issued on Fri, the crypto exchange behemothic announced the discontinuation of KRW trading pairs as well as KRW payment options on its service. Other features discontinued include Korean linguistic communication support on its website and merchant applications for peer-to-peer transactions (P2P) in South korea.

As part of the announcement, Binance also advised P2P traders to remove all merchandise advertisements denominated in KRW from the platform. Detailing the reason for the decision, Binance said that it was proactively complying with local regulations.

Indeed, Due south Korean authorities accept been putting the screws on crypto exchange operators in the state amid a tightened regulatory regime. From a compulsory licensing regime to mandatory existent-name trading accounts, South Korean regulators have even expanded the scope of the policy to include foreign platforms operating in the state.

Crypto exchanges have until September 24 to register with South Korean regulators or close downward their operations. Failure to practise and so could come at the cost of fines and jail fourth dimension for principal actors of the errant platforms.

Related: South korea'southward crypto regulation is now expanding to foreign businesses

Some exchanges accept already announced plans to shut down their operations, at to the lowest degree temporarily, before the September 24 deadline

The country's Financial Services Commission is too planning to prohibit cantankerous trading on crypto exchanges in a motion that could pose significant operational hurdles for platforms in the country.

Meanwhile for Binance, the discontinuation of KRW trading pairs is the latest disruption to the platform's operations in jurisdictions across the world. Within the last few months, Binance has received warnings from regulators in unlike countries stating that the exchange was operating without due authority.

Banks and payment processors in the United Kingdom accept too withdrawn services to the exchange giant. Earlier in August, Binance announced a brake on derivatives trading for users in Hong Kong also as a few countries in Europe.