when

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/south-koreas-crypto-council-accuses-okx-of-illicit-market-outreach">South Korea’s Crypto Council Accuses OKX of Illicit Market Outreach</a><br></p>
<p style="text-align: justify">South Korea’s Digital Asset Exchange Alliance (DAXA) has formally accused the global cryptocurrency platform OKX of conducting unauthorized promotional activities within the country. OKX is alleged to have engaged South Korean investors into its Jumpstart program without the required legal registrations. DAXA, comprising the five major South Korean crypto exchanges, has taken this issue to the regulatory officials.</p> 
<h2 id="alleged-promotion-via-influencers">Alleged Promotion via Influencers</h2> 
<p style="text-align: justify">The crux of the accusation lies in OKX’s supposed use of Telegram influencers to draw South Korean cryptocurrency enthusiasts to its Jumpstart program, despite the platform not directly offering its services in the country. This move prompted DAXA to alert the authorities to the potential infringement on local regulations.</p> 
<p style="text-align: justify">A DAXA representative clarified that the alliance itself does not possess the jurisdiction to resolve this matter and that the Financial Intelligence Unit, under the Financial Services Commission, would have the final say on the issue.</p> 
<h2 id="stringent-regulatory-measures">Stringent Regulatory Measures</h2> 
<p style="text-align: justify">The South Korean regulatory framework mandates that all <a href="https://en.bitcoinhaber.net/south-koreas-largest-crypto-exchange-upbit-to-list-binances-launchpad-project-space-id">cryptocurrency exchanges</a> operating in the country must first secure registration before they can legally provide trading services. This requirement was underscored when the Financial Services Commission warned 27 foreign exchanges to comply with registration procedures or cease offering Korean language options.</p> 
<p style="text-align: justify">While South Korean users can still access international crypto exchanges, the local authorities are particularly vigilant against marketing by foreign entities, transactions in Korean Won, or the provision of Korean language services.</p> 
<h2 id="potential-repercussions-for-okx">Potential Repercussions for OKX</h2> 
<p style="text-align: justify">An investigation by the Financial Intelligence Unit is anticipated following DAXA’s report. OKX could face severe repercussions, potentially halting its South Korean operations before they gain traction. DAXA, formed after the collapse of the Terra-Luna project in 2022, represents exchanges Upbit, Bithumb, Korbit, Coinone, and Gopax, which together encompass more than 99% of domestic crypto trade volume.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/south-koreas-crypto-council-accuses-okx-of-illicit-market-outreach">South Korea’s Crypto Council Accuses OKX of Illicit Market Outreach</a></h5>

South Korea’s Crypto Council Accuses OKX of Illicit Market Outreach

Spis treści

BH NEWS

Inne artykuły opublikowane 7 lut 2024

Vet, XRP ledger validator, withdraws support for AMM activation

Bitcoin Climbs, Investors Eye Next Moves

OKX Makes Inroads In Argentina With Exchange and Wallet Launch

RON Coin Price Dynamics and Insider Trading Scrutiny

Turn $1000 Into $100,000 in 2024 With These 3 Tokens

Conquering Ethereum’s Limitations: Crypto’s Top 4 Layer 2 Chains

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!