OKEx Korea is shutting down next month

[Altcoin1998$]

Crypto exchange OKEx Korea is shutting down on April 7.

In a notice published Tuesday, the exchange said customers must withdraw their fiat and crypto holdings by the date.

"After the end of the service, OKEx Korea will not be held liable for any losses arising from failure to withdrawal by customers," said the exchange.

OKEx Korea did not mention a reason for the closure, but it is likely because of a new law that is coming into effect on Thursday in South Korea. Per the law, Korean crypto exchanges will no longer be able to share their order books with other exchanges.Read

[mahid]

It is not a good news for OKEx but it is good to the advance announcement for the investors who are in korea. I think korean government force to shutting down the exchange. Though we are not sure about the reason why they close the exchange.

[Dreamer]

This is very bad because it may lower the reputation of OKEx exchange because not all its users will think about this issue. OKEx is among the best exchanges, I hope they have a way to make this clear.

[Freemind]

The reason is probably due to pressure from the Korean government. I find it incredible how governments (of any country) leave business opportunities that could benefit their national economy. Anyway, OKEx has multiple alternatives to continue its functions, so nothing alarming is actually happening.

[Review Master]

It's really bad for those users who're from South Korea. But on the other hand, it might be helpful for okex global if somehow those users can able to use it (Though it's not possible according to law of South Korea) which will increase the total trading volume which is a great sign, IMO.

[Freemind]

@Review Master fortunately South Korean traders have numerous alternatives at their fingertips. I have not looked at South Korean tax and regulation for a long time, but if I remember correctly, they are quite lenient on cryptocurrencies unless the government has changed the legislation.

[Mist Joya]

Crypto exchange OKEx Korea is shutting down on April 7.

In a notice published Tuesday, the exchange said customers must withdraw their fiat and crypto holdings by the date.

"After the end of the service, OKEx Korea will not be held liable for any losses arising from failure to withdrawal by customers," said the exchange.

OKEx Korea did not mention a reason for the closure, but it is likely because of a new law that is coming into effect on Thursday in South Korea. Per the law, Korean crypto exchanges will no longer be able to share their order books with other exchanges.Read

Yes, brother, you are right. I also found out in this news that OK X Exchange will be closed on April 7. The exchange has not mentioned any reason for its closure and it is not known yet why it is being closed.  So those of us who are investors must pick up the coins from here. Thank you all.

[Pluto25]

Every Okex Korea users should withdraw his assets before shut down . But I have no Okex account. So no tension.

[Freemind]

I still think it could have been due to pressure from the government or some other institution. I find it very strange that they have not issued any statement explaining the reason for the closure. If it were for technical problems they would have said it beforehand without problem, but in such a short time and without any explanation from the team... I hope that one day they will say something about it and we will get rid of doubts.

[Ronald]

This was really a  bad news in crypto market for this reason bitcoin price down a little bit but 2 days the price was recovered.

[Triedboy]

Okex is one of the most popular exchanges in cryptocurrency. I did not understand why the Korean government will shut down. This is really bad news for cryptocurrency. Maybe next time they will open up, it will depend entirely on the Korean government.

[Triedboy]

Every Okex Korea users should withdraw his assets before shut down . But I have no Okex account. So no tension.

The Okex Exchange is one of the most popular exchanges.  If the Korean government goes down, the cryptocurrency will have some effect. In fact, if we think about ourselves, not only will such a large exchange be shut down, but at least some of the cryptocurrency will be affected. That's why it's bad news and for everyone.

[Freemind]

@Triedboy I don't know if the Korean government has internal problems as you say, but I do believe that the closure of OKEX in Korea is due to political issues. The fact of closing an exchange that does not have financial or security problems makes me think that it is for political reasons or perhaps also for problems with the central banks of that country. But we can never know what really happened if OKEX does not make a public statement.

[Casual]

Okex is one of the most popular cryptocurrency exchanges. This exchange in Korea may have been shut down due to political problems. But I believe that the Korean government can re-launch this exchange.