South Korean Branch of OKEx Crypto Exchange Shuts Down

OKEx Korea is shutting down by April 7 and recommended users to withdraw cryptocurrency to their personal wallet or other exchanges. 

March 23, 2021 | AtoZ Markets Cryptocurrency exchange OKEx Korea issued a notice to users that it is has decided to shut down its South Korean arm. By April 7, OKEx Korea customers must withdraw fiat and crypto assets to other platforms or wallets.

“After the end of the service, [the exchange] will not be liable for any losses incurred as a result of users’ refusal to withdraw funds,” the message says.

Why is OKEx Korea Shutting Down?

An OKEx spokesman said in a comment to CoinDesk that the local currency market would become too difficult to navigate due to new anti-money laundering (AML) safeguards for cryptocurrency businesses.

In addition to several other factors, actual profits from our Korean operation don’t add up to much, so we decided to cut our losses,” the spokesperson said.

Earlier, OKEx Korea announced on March 18 it would cease operating in the local currency market until March 25 when the revised legislation comes into effect.

Journalist Colin Wu drew attention to the small trade volumes in the region. He noted that a division of the Huobi crypto exchange is still operating in South Korea.

According to CoinGecko, the trading volume of OKEx Korea for the last 24 hours amounted to $2.5 million, while the Huobi Korea exchange had $126.3 million.

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