{"id":70894,"date":"2024-02-07T17:48:26","date_gmt":"2024-02-07T21:48:26","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=70894"},"modified":"2024-02-07T17:48:29","modified_gmt":"2024-02-07T21:48:29","slug":"south-korean-fiu-probes-okx-over-alleged-unregistered-services","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/south-korean-fiu-probes-okx-over-alleged-unregistered-services\/","title":{"rendered":"South Korean FIU Probes OKX Over Alleged Unregistered Services"},"content":{"rendered":"\n

The Financial Intelligence Unit (FIU) of South Korea<\/a> is reportedly conducting an investigation into OKX in response to allegations that the company operated an unregistered cryptocurrency exchange.<\/p>\n\n\n\n

\"South
South Korean FIU Probes OKX Over Alleged Unregistered Services<\/figcaption><\/figure>\n\n\n\n

News1, a South Korean news outlet, reported on February 7 that the Digital Asset Exchange Association (DAXA) notified the FIU of OKX's activities, instigating an inquiry into the exchange. <\/p>\n\n\n\n

DAXA and the FIU received requests from South Korean crypto users in December 2023 seeking any information regarding unlicensed cryptocurrency exchanges<\/a> in the country.<\/p>\n\n\n\n

OKX, formerly OKEx, allegedly solicited South Korean investors to use its ‘Jumpstart' token sales platform without obtaining appropriate registration. It is worth noting that the company does not operate a website in Korea. The exchange allegedly utilized South Korean influencers on Telegram to promote its services, according to News1.<\/p>\n\n\n\n

Exchanges must register with South Korean authorities before providing cryptocurrency services to the country's citizens. The country's Financial regulators may levy penalties for noncompliance with the registration requirement. <\/p>\n\n\n\n

The Financial Services Commission of South Korea\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> imposed a maximum prison sentence of life in prison on February 7 for crypto criminals transacting with illicit profits exceeding $3.8 million.<\/p>\n\n\n\n

The price of OKX's token OKB fell by approximately 48% in minutes on January 23, from $46.80 to $25.10. Before recovery, the flash collapse wiped out $6.5 billion in diluted market capitalization. The price at the time of publication was $48.16 (OKB).<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Intelligence Unit (FIU) of South Korea is reportedly conducting an investigation into OKX in response to allegations that the company operated an unregistered cryptocurrency exchange. News1, a South Korean news outlet, reported on February 7 that the Digital Asset Exchange Association (DAXA) notified the FIU of OKX’s activities, instigating an inquiry into the […]<\/p>\n","protected":false},"author":1,"featured_media":10067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[3972,12218,1712],"class_list":["post-70894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-fiu","tag-okx-2","tag-south-korea"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/09\/Delaying-tax-laws-on-crypto-is-an-inevitable-situation-South-Korean-lawmaker.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=70894"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/70894\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/10067"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=70894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=70894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=70894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}