OKEx said ‘farewell’ in Korea, the exchange will stop working in April

OKEx said ‘farewell’ in Korea, the exchange will stop working in April


2021-03-26 12:47:18

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OKEx Korea crypto exchange will stop working next month …

Specifically, in a recent announcement, OKEx Korea announced that the exchange will officially stop all trading activities on April 7. And said customers must withdraw money early from here until the closing date.

“After finishing the service, OKEx Korea will not be responsible for any losses incurred by customers not withdrawing money”, said the floor representative.

OKEx Korea did not mention the reason for the closure, but it is likely due to the new cryptocurrency law coming into effect in South Korea.

By law, South Korean crypto exchanges will not be able to share their order book with other exchanges.

New anti-money laundering rules will also go into effect in this country. Crypto businesses have until September to register with the Korea Financial Services Commission, otherwise they will face very hefty fines.

An employee in OKEx Korea revealed that “Crypto exchanges operating in Korea are quite difficult, not only there are regulatory issues but many other troubles …”

“Exchanges like us have struggled to get a license, it’s difficult to do business in Korea right now, it’s hard to make other decisions… but we really have no choice. other”

Binance Korea also shut down earlier this year, after launching in April 2020.

Meanwhile, OKEx Korea was launched in August 2019, and so far trading volumes have remained modest, at around $ 3.5 million over the past 24 hours, according to CoinGecko.

Huobi Korea has not made any move on whether to withdraw from Korea or not, but according to many industry experts, the possibility is quite high.

If you do not have a Binance account, register here: https://CHK.com/go/binance

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