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OKX reportedly facing probe in South Korea for offering unregistered services

okx-reportedly-facing-probe-in-south-korea-for-offering-unregistered-services
Edited by
News
OKX reportedly facing probe in South Korea for offering unregistered services

South Korean authorities are gearing up to launch an investigation into OKX over allegations of operating without proper registration within the country.

Crypto exchange OKX has been reported by the South Korean Digital Asset Exchange Association (DAXA) to the local authorities for operating in the country without proper registration, Korean news agency News1 has learned.

The exchange’s activities have drawn a flurry of attention from the Financial Intelligence Unit (FIU), which now plans to scrutinize the claims and verify their validity, the report says. Should OKX be found guilty of providing unregistered services, authorities will escalate the matter to law enforcement agencies. As of press time, OKX has not made any public statements regarding these allegations.

News1 highlights previous instances where financial authorities flagged 16 overseas crypto exchanges, including MEXC and KuCoin, for potential breaches of the Special Financial Information Law. These exchanges had set up Korean-language websites and organized events targeting Korean clients.

Although OKX does not feature Korean language support on its website, suspicions of unregistered operations arose after insiders discovered the exchange’s active promotion of initiatives with local influencers through Telegram. As per News1, OKX utilized Telegram‘s advertisement services to endorse OKX Jumpstart, a platform for token sales.

A South Korean official disclosed to News1 that authorities are aware of OKX’s promotional activities for Jumpstart via paid advertisements on Telegram, specifically targeting Korean communities. While the DAXA spokesperson confirmed forwarding a report on an undisclosed business operator to the FIU, OKX was not mentioned specifically.