Korean regulation is squeezing out smaller crypto exchanges with a new law making order book sharing illegal.
Shutterstock cover by nami chwang
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OKEx Korea released a statement on Tuesday saying customers must withdraw their fiat and crypto funds before Apr. 7, at which time the exchange will shut down permanently.
OKEx Closure Part of a Wider Problem
The exchange did not give a reason for the sudden closure. However, new Korean legislation is likely the issue. From Mar. 25 onwards, Korean crypto exchanges will no longer share order books with each other, creating potentially major liquidity problems for smaller exchanges.
South Korea was the third-largest market for crypto in the world in 2019 and remains a major player to this day. However, the country has always had strict regulations when it comes to digital assets.
The latest decision from Korean regulators indicates that while crypto may have become mainstream, the laws surrounding its trade are only getting tighter.
Disclosure: The author held Bitcoin at the time of writing
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