© 2022 The Block Crypto, Inc. All rights reserved. This article is published for informational purposes only. It is not offered or intended to provide legal, tax, financial, other or legal, tax, financial advice. Draft Law on Regulation of Aspects of Crypto Tax Submitted to Russian Parliament Samsung plans to test cell phone functionality with CBDC pilot project in South Korea If you`re an NFL fan and think you know everything, take this NFL players and teams quiz and find out what you really know! Last week, former Binance US CEO and former acting currency auditor Brian Brooks announced that he was stepping down from his post on the stock exchange. Previously, HSBC had suspended payments related to Binance and the company had also abandoned derivatives in Hong Kong. On Friday, Binance announced that it would not offer products and services in South Korea. Binance sentenced by the High Court of London to sue $ 2.6 million Hacker Binance announced in December 2020 the closure of its South Korean subsidiary due to low usage and low volume. While Zhao didn`t reveal exactly how Binance plans to lease the Korean market, the exchange could achieve its goal through mergers and acquisitions (M&A). CZ had previously mentioned that the crypto bear market offers the best opportunity to recruit key talent and acquire startups. A bill to update Russia`s tax law to include provisions on cryptocurrencies has been submitted to the State Duma, the lower house of parliament. The legislation is designed to regulate the taxation of sales and profits in the country`s market. Learn more.
The evolution of crypto trading models shows the shift of market power westward. Mandy Williams is a full-time reporter at CryptoPotato. She joined the cryptocurrency space in early 2017 during her quest for financial freedom and has remained loyal to the industry. Contact Mandy: Twitter Binance said it intends to proactively comply with local regulations, as part of its recent attempt to take the lead in its regulatory positioning, as indicated by CEO Changpeng Zhao. Growing pains: Small Korean Crypto Exchanges Face Closure Korean banks enter the market for holding digital assets in rapid succession The exchange on Friday announced changes to its product offering in South Korea, including the shutdown of P2P merchant apps and support for Korean languages. Deposits will close on Thursday, trading will cease on January 8 and withdrawals will be deactivated on January 29, 2021. Binance Korea, a crypto-to-crypto exchange of Binance for Korean users, will close next month. “While Binance is constantly evaluating its product and service offerings to proactively comply with local regulations,” Binance said, “we will discontinue the following offerings in Korea with immediate effect.” South Korea`s largest money transfer company joins RippleNet to make more remittances to Thailand In addition, Binance said it does not offer products and services in Korean and does not offer Korean communication channels. “Please also note that we do not operate any official Telegram or other online communication channel in Korean,” Binance concluded. New FSC Chief Candidate Toughs on Household Debt, Against Cryptocurrencies Binance CEO Changpeng Zhao said, “We will continue to look for ways to improve and provide the best services to users, including our [Korean] KR community.” It should be noted that Binance acquired Korean fintech company BxB to launch Binance Korea.
It is unclear what the next step is for this entity. Jiho Kang, CEO of Binance Korea, said, “We plan to reassess our strategies based on the current market situation.” He added that the exchange will aim to “strike a balance between providing robust services and offerings to users while ensuring compliance with regulatory requirements.” The country`s Financial Intelligence Unit told foreign crypto exchanges last month that it would be able to do so until June 24. September to register in accordance with new anti-money laundering laws or face blocked access and possible criminal investigations. This is the first time CZ has mentioned a possible re-entry into the Korean market since the company shut down Binance Korea, a crypto-to-crypto trading platform for local users, in January 2021. At the time, Binance said the move was due to low usage and low trading volumes. Although the Korean subsidiary used the functionalities of its parent company, including its order books and liquidity, such operations (order book sharing) were to be prohibited in the country. Therefore, the best option for Binance was to shut down the local exchange. Binance also announced that the crypto exchange will cease services from the peer-to-peer (P2P) exchange it operates.
“Binance P2P will remove KRW trading pairs on Friday 13.08.2021 at 11:00 UTC (20:00 UTC+9). Users are advised to perform all related P2P trades and remove related trading ads,” the trading platform noted. Binance, the leading cryptocurrency exchange, said it plans to relaunch its services in South Korea 17 months after the platform ended for traders in the country. Binance CEO Changpeng Zhao (CZ) revealed the company`s intentions to Korean media outlet Maeil Economic Daily at VivaTech 2022 in France. Sign up for FREE to receive our extensive weekly market update and coin analysis report Binance, Binance`s rivals Huobi and OKEx, also operate local exchanges in Korea. It is not clear whether they will follow suit and close their platforms in the country. Huobi and OKEx did not respond to The Block`s requests for comment at the time of publication. Some of the products and services Binance has suspended in South Korea include: But despite the bear market, CZ remains bullish on the crypto industry, especially in Web 3.0 technologies such as blockchain, non-fungible tokens (NFTs), and the metaverse.
The exchange provided trading pairs in Binance KRW (BKRW), the exchange`s native stablecoin backed by the Korean won (KRW). Supported coins included Bitcoin (BTC), Ether (ETH), and BNB, among others. Jamie Redman is Bitcoin.com News Manager and FinTech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today`s emerging disruptive protocols. Binance`s CEO also commented on the recent Terra LUNA fiasco, which affected hundreds of Korean investors. According to him, Terra has not generated “real income” and people should not confuse the “market value of tokens with their income”.
Binance Korea did not directly cite the law as the reason for the closure, but said, “It is difficult to provide frictionless transaction liquidity.” Winning trading pairs will be removed today at 11:00 UTC, with users being asked to make all trades and remove related ads by 10:00. In addition to closing the Korean division, Binance stopped supporting the South Korean language and removed earned trading pairs and payment options on its global platform in accordance with local regulations. Binance Korea`s Android mobile app, available in beta, will also be discontinued next month. “It is prohibited to allow customers to exchange virtual assets with customers of other virtual asset operators through partnerships with other virtual asset operators,” says the law, which will come into force on March 25. It could also be implemented sooner, according to local reports. South Korea is not on a long list of countries whose financial regulators have issued warnings or advisories that Binance is not allowed to operate in its jurisdiction, even though the regulatory landscape there is far from safe.