South Korean Regulator Launches Investigation Against OKX- Report

OKX, the third most prominent cryptocurrency exchange, got into trouble as the Financial Intelligence Unit (FIU) started an initial criminal investigation against the exchange activities in South Korea after severe allegations of unlawful activities. 

The move of regulators against OKX has given a clear example of the concern of FIU over the crypto space in the nation. However, the battle between the regulators and exchanges has continued for so long. 

The most recent investigation claims that the exchange has sidelined the nation’s laws and has marked its engagement in unreported events in South Korea. OKX lost the third position in the category in just a couple of hours, and Coinbase acquired the position. However, Coinbase was earlier 2nd leader. 

The Digital Asset Exchange Association (DAXA) has initiated the primary investigation, submitted the findings to FIU, and requested an in-depth investigation of the suspected activities. 

It is crucial to note that the firm does not serve Korean citizens despite its operations in South Korea. As per the official website of OKX, the exchange offers the trading of 316 coins/tokens, and it supports over 42 fiat currencies for transactional processing.  

When writing, OKX is ranked 6th leading exchange. Its spot trading volume declined over 12% in the past 24 hours and was $1,236,338,193 when writing. 

While talking to a regional media outlet that covered the news officially, a market Korean expert of the domestic virtual asset industry said, “I understand that OKX promoted Jumpstart to the Telegram community for a fee,” and added, “It became a problem because it was a type of sales targeting Koreans.” 

Daksa’s official declined to comment, noting, “We have received the application for an undeclared business and forwarded it to the FIU, and the financial authorities make the final decision. It has not been confirmed that the business is an undeclared business.”

Crypto Market Updates

Nowadays, the crypto market is experiencing sudden ups and downs. The market is highly volatile because of the ongoing application process of Ether spot ETFs.  

The global crypto market cap is $1.66 trillion, a 0.55% increase in the past 24 hours. The total crypto market volume over the last 24 hours is $42.48B, which makes a 3.17% decrease. 

Bitcoin has crossed the milestone of $43k and is trading at $43,131 when publishing, but the trading volume of BTC has experienced a decline of 12%. Bitcoin, the crypto industry leader, is trading at $43,226 with an intraday growth of 0.66%.  

Dimension (DYM) surged 45.49% in the past 24 hours, followed by Kaspa and Jupiter.  

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.