Nikolas Sargeant
Binance’s changes hit Norway
Leading cryptocurrency exchange Binance has been making changes to its operations over the past few weeks, and this time it has now hit Norway. The exchange announced earlier today that it had discontinued Krone trading pairs and payment options on its platform.
Binance said, “As the market leader, Binance constantly evaluates its product and service offerings. We will be discontinuing the following offerings in Norway, effective immediately; NOK trading pairs, NOK payment options and Norwegian language website support.”
However, Binance said the ban on the Norwegian language website support doesn’t apply to its official Telegram or other online communication channels in the country. According to the cryptocurrency exchange, the move is to ensure Binance complies with the regulatory requirement in Norway.
“Binance welcomes developments to our industry’s regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user,” Binance added.
This latest development comes barely two weeks after Binance made a similar decision in South Korea. The cryptocurrency exchange removed the support for Korean Won trading pairs and payment options on its platform. It also discontinued the Korean language support and P2P trading feature in South Korea.
Binance has come under heavy regulatory pressure over the past few months, causing it to amend how it operates in some countries. The cryptocurrency exchange has also ended derivative trading support in Australia, Hong Kong and Europe. Binance also ended the futures trading service in Brazil.
The moves are to ensure that the cryptocurrency exchange operates in accordance with the regulatory requirements in every county.
