Korean crypto exchange OKEx has announced that it will cease operations as South Korean authorities prepare to enforce a new regulatory framework for the crypto industry on March 25.

The Korean branch of global crypto exchange OKEx will be shut down next month, OKEx Korea officially announced on March 23.

Users will have to withdraw funds in their won and cryptocurrency by April 7. After that date, the exchange will not be liable for any losses incurred by the client’s failure to withdraw money.

OKEx Korea will accept withdrawals 24/7 until 6 p.m. local time on April 7. Withdrawal requests will not be made if less than the predetermined minimum amount. The announcement came shortly after OKEx Korea temporarily stopped withdrawing on March 15 due to maintenance issues.

The sudden closure of the Korean OKEx before a new regulatory regime for cryptocurrencies and related service providers will come into effect on March 25. Since, volume on Korea’s leading crypto exchange has outperformed the stock market. The government has come up with rules of the game that tighten crypto regulation: Transparency report or go to jail. This is the main reason why OKex Korea had to stop working.

In the past, the “big man” Binance has also expanded to the Korean region. But in early 2021, Binance had to endure the same outcome when it closed operations, due to the company’s perception of reduced liquidity and relatively low transaction volumes in this country.

Although in some other cases there is a reverse trend, typically Huobi Korea is officially certified by the Korea Internet and Security Agency. The country also recorded trading volume of up to 7 billion USD per day. Bitcoin flow gradually poured onto the Korean exchanges. However, to do business and survive in “harsh” Korea is probably still a difficult problem for international exchanges.