• Skip to primary navigation
  • Skip to main content
Evertas Logo Get in touch
  • Home
  • About Us
  • Insurance
  • Services
  • Blog
  • News
  • Resources & Education
  • Contact Us
    Instagram
    LinkedIn
    Twitter
    YouTube

Blog

ICYMI – OKEx withdrawing from South Korea

read
30 March 2021

TLDR – OKEx is the second exchange to withdraw from the South Korean market, following Binance Korea’s withdrawal in December 2020, likely due to the stricter AML rules coming into effect in South Korea.

On 23 March 2021, OKEx Korea announced that it would be shutting down its operations and withdrawing from the South Korean market by 7 April 2021. While OKEx did not directly address the reasons for its withdrawal, market observers contend that given the timing of the announcement OKEx Korea’s closure is likely due to South Korea’s new regulatory regime for cryptocurrencies and related service providers that will enter into force on 25 March.

As noted by CoinTelegraph, South Korea’s Act on Reporting and Use of Specific Financial Transactions will require local virtual asset business operators to report user info to the Financial Intelligence Unit under the Financial Services Commission.

VASPs will have to set up real-name verification for deposits and withdrawals with an approved South Korean bank. Each local VASP must apply for certification with the government’s Information Security Management System to allow for reporting the KYC information properly.

OKEx’s closure comes on the heels of Binance Korea’s withdrawal from the South Korean market in December 2020 after only eight months in operation.

CoinTelegraph’s article on the OKEx announcement:

OKEx Korea crypto exchange to shut down as new reporting laws take effect (cointelegraph.com)

AsiaTimes article on Binance Korea’s closure:

Binance shutting down South Korea operation – Asia Times

Related articles

Insight

Quantum Computing in China: the Sky is not Falling

Read More
Insight

Web3 needs more insurance, not more regulation

Read More
Insight

The Crypto Winter’s New Risks

Read More
  • About Us
  • Careers
  • Insurance
  • Services
  • Instagram
  • LinkedIn
  • Twitter
  • YouTube

Call On An
Old Friend Today.

Contact Us

Keep Me Informed

By subscribing, you’ve read and agree to our privacy policy.

Evertas Logo ©Copyright 2023, Evertas Legal Notice | Privacy Policy | Terms of Service
This website uses cookies to ensure you get the best experience. Learn more.
DeclineAllow cookies
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie Duration Description
cookielawinfo-checkbox-analytics 11 months This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional 11 months The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary 11 months This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others 11 months This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance 11 months This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy 11 months The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
954