Cryptocurrency exchange OKEx sets a date to close its services in South Korea
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Answer Cryptocurrency exchange OKEx sets a date to close its services in South Korea
Less than two years later, crypto exchange OKEx has decided to shut down its services for users residing in South Korea.
Although the company failed to explain the reasons, the shutdown comes amid new regulations imposed by South Korea towards cryptocurrency exchanges.
earlier in the day, published OKEx Korea has issued a notice to terminate its cryptocurrency trading services for all users residing in South Korea.
According to the statement, clients have until April 7 to close all open trading positions and withdraw their funds either in the form of “KRW” or one of the cryptocurrencies.
If they fail to do so, the OKEx platform for the Korea region will not be liable for any losses caused by customers’ failure to withdraw their funds.
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Please note that withdrawals must be higher than the minimum withdrawal amount and fees, otherwise they will not be processed.
As we mentioned, OKEx Korea did not provide a reason behind its decision to withdraw from the South Korea region.
But looking at a holistic view, we find that the South Korean government has recently allocated legal regulations for cryptocurrency and its trading, so it is possible that these new regulations will be a strong reason for the withdrawal of the OKEx platform from the region.
Earlier this month, South Korea’s Financial Services Commission (FSC) proposed a new initiative that will affect all cryptocurrency service providers starting March 25.
The new legislation outlines heavy penalties and possible fines if trading platforms violate any of the following three measures:
- Failure to report suspicious transaction activities.
- Not to keep data related to these transactions.
- Not maintaining a separate management of customer transaction records.
It is worth noting that the “Binance Korea” platform also closed its doors in late December after being active there for only several months.
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