OKX Is Suspected To Stop Providing Services To Users Living In Japan

Key Points:

• OKX cryptocurrency exchange is ceasing services to Japanese users due to local laws and regulations.
• Binance also announced last month that it will no longer provide services to Japanese citizens starting from November 30, 2023.
• The Japanese government is still working on establishing regulations for cryptocurrency firms to operate in the country.

According to Coinpost, OKX is suspected of ceasing to provide services to Japanese users.

According to a notice in the app:

“OKX Exchange products are unavailable in Japan due to local laws and regulations. You can still sign up/log in, and access OKX Wallet. If you don’t reside in Japan, you may continue using OKX Exchange products with a valid government- issued ID.”

Trading inside the OKX app was still available at the time of publishing. OKX has not yet announced a particular date for when the rule will go into effect.

Binance, a prominent cryptocurrency exchange, stated last month that it would no longer provide services to Japanese people.

Binance Global previously declared that the present service will be discontinued for Japanese citizens on November 30, 2023. Binance intends to build a Japanese-language platform in the summer of 2023.

Users in Japan transferred to Binance Japan from the global version in November of this year, and it seems that OKX, which does not have a license in Japan, was compelled to reply to the Financial Services Agency.

Earlier this month, OKX has teamed with Komainu, a digital asset storage provider, to allow institutional clients to keep their cryptocurrency in the Nomura-backed custodian while trading on the exchange. This is one of the strategic cooperation relationships to expand in Japan.

Japan is still establishing the necessary circumstances for crypto firms to operate. The National Tax Office revised the legislation on June 20 to exclude cryptocurrency issuers from paying a 30% business tax on unrealized profits on tokens. The tax reform comes as Japanese officials push programs to encourage the country’s blockchain and cryptocurrency industries.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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