фото показано с : invezz.com

Cryptocurrency exchange OKEx has announced it will be shutting down its South Korea operations amidst the implementation of strict anti-money laundering regulations in the country.

Apart from the regulatory concerns, OKEx says the company took the winding down decision because the actual profit from its Korean operations doesn’t add up to much.

The new regulation in the Financial Reports Act stated that virtual asset service providers will henceforth verify customers’ details and undergo compliance inspections. The new law also requires the providers to report suspicious transactions to the Korea Financial Intelligence Unit. In this case, the exchange says it is not willing to comply with these rules.

The regulation has also given the providers six months to comply, especially those firms carrying cryptocurrency-related services.

The exchange informed users that it will be ending its businesses in the country on April 7 and asked clients to withdraw their funds from the exchange before the due date.

OKEx stated,

 Please be sure to withdraw the KRW and cryptocurrency you hold by April 7, the service end date.

The exchange further stated that it would not be held responsible for any losses suffered by the clients due to their failure to withdraw their funds.

The company’s spokesperson reiterated that the local currency market would not be easy to navigate following the implementation of the new rules by the South Korean authorities.

OKEx says it will be accepting withdrawal applications 24/7 a day and 7 days a week until 6:00 p.m local time on April 7.

The exchange also noted that it will only honor the request for withdrawal if they are equal to or more than a predetermined minimum amount.

This announcement is coming few days after OKEx stopped withdrawals as a result of maintenance issues.

The post New regulations forces OKEx South Korea to close operations appeared first on Invezz.

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