Cryptocurrency exchange OKEX Korea will end its service on April 7th. OKEX Korea announced this through an announcement on the exchange website at 11:26 am on the 23rd.
OKEX Korea said it was impossible to withdraw cryptocurrency after 6pm on April 7, and recommended users to withdraw cryptocurrency to their personal wallet or other exchanges. You can apply for withdrawal in KRW until 4 pm on the 7th.
It is impossible to withdraw cryptocurrencies less than the sum of the minimum withdrawal quantity and withdrawal fee, or in KRW less than the withdrawal fee of 1,000 won.
An official of OKEX Korea asked CoinDesk Korea’s question whether the period from the time the service was terminated to the time the withdrawal support was stopped was too short. He said, “We plan to contact customers directly by e-mail, text message, phone, etc. to guide the withdrawal,” he said.
The official said, “We have been operating the service centered on the KRW market, but it is difficult to use (KRW market) because (real name account issuance) is not easy.” He said, “I have completely quit my hands from the domestic market.”
Earlier, OKEX Korea announced that it would stop operating the won market until March of last year when the Act on the Use and Reporting of Specific Financial Transaction Information (Special Law) was revised, and until March 25, this year when the revised law comes into force. Since then, OKEX Korea has been operating only Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) markets.
The revised Special Special Act, which comes into force on the 25th, stipulates that virtual asset business operators (VASP) including cryptocurrency exchanges can conduct business after reporting to the Financial Information Analysis Institute (FIU) under the Financial Services Commission. In order to report to VASP, requirements such as information security management system (ISMS) certification and issuance of real name bank accounts must be met.
OKEX Korea, which started official service in Korea in June 2019, has not yet obtained ISMS certification. In addition, discussions with several commercial banks were promoted to obtain real-name deposit and withdrawal accounts, but the situation seems to have been difficult.
An official of OKEX Korea said, “I am sorry to the customers who have trusted and used OKEX Korea.”
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