{"id":285765,"date":"2021-03-23T17:41:45","date_gmt":"2021-03-23T21:41:45","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=285765"},"modified":"2021-08-19T16:07:36","modified_gmt":"2021-08-19T20:07:36","slug":"okex-to-shut-down-korean-market-amid-stringent-laws","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/okex-to-shut-down-korean-market-amid-stringent-laws","title":{"rendered":"OKEx To Shut Down Korean Market Amid Stringent Laws"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Crypto trading company OKEx announced on Tuesday that it would be shutting down its operations in South Korea come April 7.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The notice posted on the crypto exchange\u2019s subsidiary<\/span><a href=\"https:\/\/support.okex.co.kr\/hc\/ko\/articles\/900006264263--%EA%B3%B5%EC%A7%80-OKEx-Korea-%EC%84%9C%EB%B9%84%EC%8A%A4-%EC%A2%85%EB%A3%8C-%EC%95%88%EB%82%B4\"> <span style=\"font-weight: 400\">website<\/span><\/a><span style=\"font-weight: 400\"> said users should clear their accounts before the deadline. After April 7, the company will no longer attend to complaints.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cAfter the end of the service, OKEx Korea will not be held liable for any losses arising from failure to withdraw by customers,\u201d the company stated.<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The exchange did not state reasons for its decision to close its Korean operations, but there are growing indications that the new crypto law introduced on March 16 might have played a part.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The law comes into effect on March 25 and it comes with a set of revised provisions for crypto firms. First agenda is that crypto exchanges operating in the country will no longer be permitted to share their order books with other exchanges.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The second requirement is that virtual assets service providers (VASPs), crypto exchanges inclusive, must complete registration with South Korea&#8217;s Financial Services Commission before September or face penalties. Penalties could range from 30% to 60% of the maximum amount approved by the agency.<\/span><\/p>\n<p><span style=\"font-weight: 400\">These revised laws mandate crypto exchanges to report all illicit transactions, keep relevant data on such transactions, and must maintain separate records of individual customer\u2019s activities on their platforms.<\/span><\/p>\n<h2><b>Business Difficulties Play A Part<\/b><\/h2>\n<p><span style=\"font-weight: 400\">The South Korean crypto narrative has been fraught with a lot of frustrating laws. Last month, the Korean government announced that it would be collecting a 20% tax on crypto gains up to KRW 2.5 million (about $2,260).<\/span><\/p>\n<p><span style=\"font-weight: 400\">Although the government has since said the first 2.5 million won is non-taxable, crypto exchanges have seen business nose-dive.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a spill-all interview with crypto news platform The Block, an OKEx Korea official admitted the company was experiencing business difficulties aside from regulatory issues with the Korean government.<\/span><\/p>\n<blockquote><p><span style=\"font-weight: 400\">\u201cWe struggled to get ISMS (Information Security Management System) certificate and virtual account (bank account required to get licensed),\u201d said the official. \u201cAs a joint venture with OKEx.com, it was hard to decide, but we had no other option.\u201d<\/span><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">According to<\/span><a href=\"https:\/\/www.coingecko.com\/en\/exchanges\/okex_korea\"> <span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> sourced from crypto platform CoinGecko, the crypto exchange recorded a paltry $1.3 million in trading volume in the last 24hr.<\/span><\/p>\n<p><span style=\"font-weight: 400\">OKEx joins fellow crypto exchange Binance Korea in leaving the Asian nation. The subsidiary of the largest cryptocurrency by trading volume also<\/span><a href=\"https:\/\/support.binance.kr\/hc\/ko\/articles\/900004909003--%EA%B3%B5%EC%A7%80-%EB%B0%94%EC%9D%B4%EB%82%B8%EC%8A%A4KR-%EA%B0%80%EC%83%81%EC%9E%90%EC%82%B0-%EA%B1%B0%EB%9E%98%EC%86%8C-%EC%84%9C%EB%B9%84%EC%8A%A4-%EC%A2%85%EB%A3%8C-%EC%95%88%EB%82%B4\"><span style=\"font-weight: 400\"> announced<\/span><\/a><span style=\"font-weight: 400\"> a departure from the Korean market following business difficulties.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">Crypto trading company OKEx announced on Tuesday that it would be shutting down its operations in South Korea come April 7. The notice posted on <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/okex-to-shut-down-korean-market-amid-stringent-laws\" title=\"OKEx To Shut Down Korean Market Amid Stringent Laws\">[&#8230;]<\/a><\/div>","protected":false},"author":1770,"featured_media":253261,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7596],"tags":[8410,4135],"class_list":["post-285765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-okex","tag-south-korea"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>OKEx To Shut Down Korean Market Amid Stringent Laws - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Crypto trading company OKEx announced on Tuesday that it would be shutting down its operations in South Korea come April 7.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"OKEx To Shut Down Korean Market Amid Stringent Laws\" \/>\n<meta property=\"og:description\" content=\"Crypto trading company OKEx announced on Tuesday that it would be shutting down its operations in South Korea come April 7.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2021-03-23T21:41:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-19T20:07:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/03\/ss-skorea-btc-ban.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1200\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jimmy Aki\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@adejimi\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jimmy Aki\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765\"},\"author\":{\"name\":\"Jimmy Aki\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/a66ff7827d8bed054aa6be4e9d8c1dad\"},\"headline\":\"OKEx To Shut Down Korean Market Amid Stringent Laws\",\"datePublished\":\"2021-03-23T21:41:45+00:00\",\"dateModified\":\"2021-08-19T20:07:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765\"},\"wordCount\":410,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2020\/03\/ss-skorea-btc-ban.jpg\",\"keywords\":[\"OKEx\",\"South Korea\"],\"articleSection\":[\"Breaking Crypto News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/285765\",\"name\":\"OKEx To Shut Down Korean Market Amid Stringent Laws - 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