OKEx Set to Shut Down Korean Services in April

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OKEx Set to Shut Down Korean Services in April

OKEx is a Seychelles-based cryptocurrency exchange that provides a platform for trading various cryptocurrencies. The exchange will close its business in Korea on April 7th.

OKEx Korea Customers to withdraw their Money

In a notice released on Tuesday, the exchange stated that customers must withdraw their fiat currency and cryptocurrency assets before that date.

The exchange states: “After the end of the service, OKEx Korea will not be held liable for any losses arising from failure to withdrawal by customers.” 

OKEx Korea did not mention the reason for the closure, but it is most likely due to a new law that will come into effect in Korea on Thursday. According to the law, South Korean cryptocurrency exchanges can no longer share their order books with other exchanges.

This is clearly why Binance Korea closed earlier this year after launching in April 2020. OKEx Korea launched in August 2019 and the transaction volume over the past 24 hours has been negligible, around $3.5 million according to CoinGecko.

Huobi, a competitor from South Korea, could also follow suit. The exchange has not yet responded to The Block’s request. According to CoinGecko, the trading volume in the past 24 hours is around $125 million.

However, those trading volumes are insignificant when compared to the major exchanges Huobi and OKEx, which have completed trading volumes of $7 billion and $6 billion, respectively, in the past 24 hours.

OKEx to upgrade Cross-Chain Bridge

To provide better cross-chain services, OKEx will update its cross-chain bridges (formerly known as cross-chain gateway) functionality on March 23, 2021 at 12:00 p.m. (GMT +1).

If you need to convert assets after upgrading, you can select the cross-chain network on the payout page. The conversion will be completed automatically.

If you already have assets on OKEx, all you have to do is select a network on the withdrawals page and withdraw funds to get cross-chain assets.

If you don’t have any assets on OKEx, you will need to deposit funds into OKEx first and then withdraw funds to the target cross-chain network