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Binance KRW (Korean Won) dwindles and shutdown operations due to lack of user attention

Binance has removed some trading pairs on January 14, 2021, at noon (UTC).These include TOMO/BNB, XRP/BKRW, BZRX/BNB, ETH/BKRW, TRB/BNB,DOT/BKRW, STEEM/BNB, BUSD/BKRW, HOT/BTC, BTC/BKRW, BNB/BKRW,ADA/BKRW, AAVE/BKRW, STEEM/BNB, MBL/BTC. Binance will also remove theUSDT/BKRW pair at the end of this January.

Getty Images. Representing Korean Won

Binance has removed some trading pairs on January 14, 2021, at noon (UTC).These include TOMO/BNB, XRP/BKRW, BZRX/BNB, ETH/BKRW, TRB/BNB,DOT/BKRW, STEEM/BNB, BUSD/BKRW, HOT/BTC, BTC/BKRW, BNB/BKRW,ADA/BKRW, AAVE/BKRW, STEEM/BNB, MBL/BTC. Binance will also remove theUSDT/BKRW pair at the end of this January.

These assets can still be traded in other trading pairs on Binance. The removal of MBL/BTC and HOT/BTC is done due to their low sat values. Binance’s local exchange operations are terminated due to less usage and low volume.

After their closure, the market strategy will be reassessed by the Binance KR team. After the news announcement on January 13, 2021, on Twitter, Binance has mixed responses from their users about this delisting. Some people are supporting the decision, while some are not happy with the delisting.

The delisting of BKRW trading pairs was already announced on December 24,2020. A hard shutdown of BKRW will be anticipated on January 29, 2021.After its closure, users will swap BKRW with BUSD at Binance Liquid Swap(BSwap).

Making it easier for users having BKRW, Binance has supported some tradingpairs to be traded at the BKRW fiat market till January 29, 2021, at 4:00 UTC,to settle BKRW assets on the Binance exchange. These pairs includeLINK/BKRW, DOT/BKRW, BUSD/BKRW, BNB/BKRW, AAVE/BKRW, ADA/BKRW,ETH/BKRW, USDT/BKRW, BTC/BKRW, XRP/BKRW.

It’s does makes sense that Korean Cryptocurrency Markets are not ruled by Binance at this point of time and their Korean Won stablecoin is sitting useless.

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