OKX withdraws from Japan, insider Colin Wu names likely reason. cryptoregulation
, the second largest offshore cryptocurrency trading venue OKX intends to stop providing services to its customers in Japan.Per the source, the text displayed on the OKX mobile app says that the products of the company are not available anymore in Japan because of local regulatory rules and laws. Colin Wu believes that this step by the crypto trading platform may be caused by the pressure put on OKX by the local financial regulator, which deals with crypto – the FSA .
Wu reminded followers that prior to OKX, Binance announced its withdrawal from the Japanese market. Similarly, Binance announced that it is quitting the Netherlands and a few other countries where local traders and investors had been previously able to operate on this major global trading platform.stated that he believes that Binance is not willing to comply with the local regulatory rules, therefore, it is leaving the Netherlands. A few weeks ago, the U.S.
Head of Binance CZ claimed on Twitter that Binance has always been compliant and spends a lot of time and resources cooperating with regulators and implementing rules they require to be implemented. In particular, Binance was one of the first exchanges to introduce KYC and other anti-money laundering rules required by regulators around the world.
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