OKX Exits Japan, Joining Binance in Crypto Market Retreat
Cryptocurrency exchange OKX has announced it will stop serving Japanese users, joining Binance in exiting the market. The move comes as Japan works on new regulations for crypto firms.
OKX, a major global cryptocurrency exchange, has revealed it will discontinue services for Japanese users. The company cited local laws and regulations as the reason for its departure. This decision follows Binance's recent announcement to halt services for Japanese citizens from November 30, 2023.
Earlier this month, OKX partnered with Komainu, a digital asset storage provider, to offer institutional clients a secure custodian service while trading on the platform. However, the Japanese authorities have since banned OKX from operating as a licensed company in the country. The exchange failed to meet the required standards and regulations for legal cryptocurrency trading in Japan.
OKX's exit from the Japanese market follows Binance's decision to do the same later this year. Both companies attribute their departure to local regulations. Japan is currently working on establishing new rules for cryptocurrency firms to operate within the country.
