OKEx Korea is shutting down next month

Crypto exchange OKEx Korea is shutting down on April 7.

In a notice published Tuesday, the exchange said customers must withdraw their fiat and crypto holdings by the date.

"After the end of the service, OKEx Korea will not be held liable for any losses arising from failure to withdrawal by customers," said the exchange.

OKEx Korea did not mention a reason for the closure, but it is likely because of a new law that is coming into effect on Thursday in South Korea. Per the law, Korean crypto exchanges will no longer be able to share their order books with other exchanges.

New anti-money laundering rules are also coming into force on Thursday in the country. Crypto businesses have until September to register with the Financial Services Commission, or they will face penalties.

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