Crypto trading network OKEx Korea shared a note informing it will stop operations on April 7. The company urged clients to draw out their fiat and crypto owning by the mentioned date.
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OKEx Korea is a centralized exchange established in 2017. There are 122 coins listed on the platform. What is the reason for the decision, the OKEx team didn't explain. However, most likely it is connected with the new regulatory law approved in South Korea. The law suggests Korean crypto trading platforms won't be able to share their order books with other markets.
The paper called Financial Transaction Reports Act implies virtual asset service providers (VASPs) must get regulatory's approval verifying users' identities at the same time.
Earlier OKEx said it didn't meet users' interests and is a thing the company isn't willing to do.This is not the first case of crypto exchange stopping its services in Korea. In December 2020, Binance Korea shut down.