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OKEx to Close Its Doors in South Korea Amid New Crypto Law

OKEx to Close Its Doors in South Korea Amid New Crypto Law
  • OKEx Korea is officially closing on April 7, 2021.
  • The exchange has advised users to withdraw their funds by 6 PM Korean time on closing day.
  • OKEx follows Binance which exited the country earlier this year.

OKEx Korea exchange is officially closing in South Korea on April 7, 2021, at 6:00 PM Korean time. The news came less than a month after the exchange temporarily suspended withdrawals.

In an official notice, OKEx Korea advised its users to withdraw their funds before the April 7 closure. In fact, the exchange stressed that it will process withdrawals in crypto and KRW, twenty-four hours a day. The notice also stated,

“After the end of the service, OKEx Korea will not be held liable for any losses arising from failure to withdrawal by the customer.”

Along with that, the exchange is asking that users adhere to the withdrawal guide to avoid processing errors or delays.

Moreover, OKEx will cancel all non-traded orders. It will also disable all post-closure logins and information inquiries. The news came soon after the exchange briefly closed to inspect its withdrawal services on March 15th. However, at this time, the exchange did not offer a reason for the closure.

Coincidentally, OKEx is not the first global exchange to shut down in South Korea. Earlier this year Binance Exchange also shut down its Korean branch citing liquidity problems. It seems that the top exchanges are exiting the country as it tightens its crypto rules.

To clarify, South Korea’s Financial Services Commission now makes it mandatory for all local crypto exchanges to disclose user data. Further, exchanges will begin processing transfers via a bank.

In any case, OKEx remains one of the largest crypto exchanges with a market cap of  $14,983,019,523 at the time of writing.

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.