OKEx Korea officially announced on Tuesday that the South Korean branch of the OKEx global cryptocurrency exchange will close next month.
Users should collect their Korean gloves and cryptocurrency by April 7th. OKEx Korea said that after this date, Oslo Powers will not be held liable for damages due to withdrawal from the customer.
OKEx Korea accepts withdrawal requests 24 hours a day until 6:00 PM local time on April 7th. Withdrawal requests will not be responded to if they are below the pre-set minimum amount.
The announcement came shortly after OKEx Korea temporarily suspended withdrawals on March 15 due to maintenance issues.
The company did not explain the reason for the termination in the announcement. OKEx Korea did not immediately respond to Cointelegraph’s request for comment.
The sudden shutdown of OKEx Korea precedes the introduction of a new regulatory regime for cryptocurrencies and related service providers which will take effect on March 25th. Under the Financial Transaction Reporting and Use Act, local operators of virtual assets such as cryptocurrency exchanges will be required to report user information to the Financial Intelligence Unit of the Financial Services Commission.
VASP should set up real name verification for deposits and withdrawals with an authorized South Korean bank. To report, every local VASP must apply for an Information Security Management System Certification.
The South Korean branch of the world’s largest cryptocurrency exchange Binance also closed its operations in the country in early 2021. The company attributes the move to lower liquidity and lower trading volumes for the major trading pairs.
According to CoinMarketCap, OKEx Korea has a daily trading volume of $ 1.8 million at the time of publication, compared to $ 6 billion on the global exchange.