The cryptocurrency exchange OKEx warned users in South Korea about the closure of the local branch. The company did not specify the reason.
By April 7, OKEx Korea clients must withdraw fiat and crypto assets to other platforms or wallets.
“After the termination of services, the exchange will not be liable for any losses arising from users’ decision not to withdraw funds,” the statement said.
An OKEx representative told CoinDesk in a statement that the division would cease operations due to tightened regulation.
“In addition to several other factors, the actual profit from our Korea operations is small, so we have decided to cut losses,” a source told the publication.
Earlier about the closure of the branch in South Korea was reported by the Bitcoin exchange Binance.
Journalist Colin Wu noted the small trading volumes in the region. He noted that Huobi Korea’s unit remains in operation.
OKCOIN Korea announced that it will be closed on April 7. Binance closed the South Korea station three months ago. The reason is that the exchange is low. Huobi Korea Station is still there. Prior to this, Binance and Huobi tried to compete for the acquisition of Bithumb. pic.twitter.com/VqusliFHER
— Wu Blockchain (@WuBlockchain) March 23, 2021
According to CoinGecko, OKEx Korea’s trading volume over the last 24 hours was $2.5 million. Huobi Korea’s was $126.3 million.
From 25 March, virtual asset service providers in South Korea must comply with anti-money-laundering requirements, in line with traditional financial institutions.
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