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.
This is apparently why Binance Korea shut down earlier this year, after launching in April 2020. OKEx Korea was launched in August 2019 and had meager volumes of around $3.5 million in the last 24 hours, according to CoinGecko.
Rival Huobi Korea could likely follow suit. The exchange hasn’t responded to The Block’s queries. It had higher volumes of around $125 million in the last 24 hours, according to CoinGecko.
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