South Korea While we continue to take harsh measures on cryptocurrencies, the latest move is leading cryptocurrency exchange OKX came for.
According to local news agency news.1, OKX may be facing a potential investigation for allegedly breaking relevant rules in the country.
According to the news, a working group consisting of South Korea’s five largest cryptocurrency exchanges The Digital Asset Exchange Alliance (DAXA) reported to local authorities that global cryptocurrency platform OKX was allegedly operating locally without proper registration.
Allegedly, although OKX does not openly offer services to South Korean investors, DAXA accused the exchange of promoting its Jumpstart program to local crypto users through Telegram influencers.
The news also claimed that OKX paid money to Telegram communities to promote the Jumpstart program.
At this point, the Financial Intelligence Unit, one of the regulatory supervisors under the South Korean Financial Services Commission, is expected to launch an investigation into OKX following DAXA’s OKX report.
What is DAXA?
DAXA is a group established after the Terra-Luna collapse to take joint action against various events that may affect the local cryptocurrency ecosystem in 2022.
DAXA’s members include Upbit, Bithumb, Korbit, Coinone and Gopax.
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