OKX crypto exchange will wind down operations from Japan

The services of the OKX crypto platform will not be available in Japan, following new regulatory measures issued by Japan’s FSA body.

OKX  is a global crypto exchange, whose services are available in almost every country, where crypto trading is legal. In the US, OKX provides services via its subsidiary OKCoin exchange. To date, OKCoin provides services in San Francisco, San Jose, New York City, Malta, Hong Kong, Singapore, and Japan. 

On 27 June 2023, a Chinese crypto blogger Colin Wu reported that OKX is planning to terminate its services from the Japanese crypto market.

As per the report, OKX is not eligible to provide crypto services under the newly updated Japanese local crypto laws. However, it is unconfirmed that in which new measures, the exchange is failing to comply with the rules.  

OKX exchange officially responded on this matter via Twitter handle & confirmed that reports are true and also the OKX team will try to give proper updates on the same matter.

Earlier this global Crypto exchange Binance suspended services from Japan and also confirmed that it will establish a new & native platform for Japanese crypto traders that will be available to use by November of this year. 

Japan’s new tax policy

Last week the Japanese tax agency announced new tax measures for Crypto companies over the unrealized gains from their crypto business.

Under the new Crypto tax laws, crypto companies will not be required to pay high tax on unrealized gain but they will be required to pay the tax on behalf of the net gain in the end phase.

OKB price action

OKB is the native token of the OKX exchange, managed by an independent crypto & blockchain team. The current trade price of the OKB token is 6.83% high over the last 7 days of trade price.

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