OKEx Korea Announces It is Shutting Down Next Month
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OKEx Korea, the South Korean subsidiary of crypto exchange OKEx, has today announced it will stop operating in the country next month.

In particular, the platform has informed its users it will shut down next April 7 and that they have until that date to withdraw their assets, both cryptos and fiat.

According to the announcement, the company "will not be responsible for any loss arising from the lack of withdrawal of funds by customers."

Even though the exchange has not informed about the reason behind its decision to cease operations in the country, it looks like it could be related to the new crypto regulation act that will come into force in South Korea on Thursday that will prevent exchanges from sharing their order books with other platforms.

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OKEx Korea started operating in the country in August 2019.

Notably, a source has reported the exchange could also be facing issues other than regulatory ones.

Binance Korea closed its doors earlier this year, so it remains to be seen if the platform's rival Huobi Korea follows the example of these two platforms and also decides to stop operating in the country due to the pressure from regulators.

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