Virtual asset exchange OKX Korea terminates service in April

[Digital Today Reporter Jung Yoo-rim] OKEx Korea, a virtual asset (cryptocurrency) exchange, announced on the 23rd that it will end its service on April 7th.

Through a notice, OKX Korea announced that it will soon end its services such as deposit and withdrawal of won and virtual assets.

According to OKX Korea, virtual asset withdrawal is impossible after 6 pm on April 7. Therefore, it was recommended for users to withdraw virtual assets to their personal wallet or other exchanges before that time. You can apply for withdrawal in KRW until 4 pm on the 7th.

OKX Korea added that if the quantity of virtual assets is less than the sum of the minimum withdrawal quantity and withdrawal fee, withdrawal is not possible. In relation to withdrawal in won, he explained that withdrawal support is not supported for withdrawal fees less than 1,000 won.

OKX Korea is a virtual asset exchange operated by OKCoin Korea, a Korean subsidiary of OKCoin in China, and was officially launched in June 2019. According to CoinMarketCap, a virtual asset transaction information site, the 24-hour trading volume is about $5.45 million (about 6,148 million won), ranking 39th in the exchange rankings.

In August of last year, OKX Korea imposed an anti-money laundering obligation on virtual asset operators, and until the revised’Act on Reporting and Use of Specific Financial Transaction Information, etc.’ It has said that it will stop operating the market. Since then, it has been operating only Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) markets.

At the time, OKX Korea said that it would temporarily suspend the operation of the KRW market in order to systematically prepare the exchange obligations before the enforcement of the revised special money law. do.

In the case of new business operators, the requirements must be met on the 25th when the revised law takes effect, but the existing business operators have decided to give a grace period for six months until September. However, there is not much time for small and medium-sized exchanges that have not signed a real-name account contract as they have the right to survive the business.

Meanwhile, the financial authorities also announced matters that general users should be aware of in accordance with the enforcement of this law. The Financial Services Commission said, “There is a possibility that some existing business operators will close their business without reporting, so you should check the status of reporting existing business operators and whether or not to continue business as much as possible to avoid any damages related to this.”