ChainCatcher reported that according to local media News1, the Digital Asset Exchange Association (DAXA) recently received a report that OKX was operating in South Korea without registration. The association investigated and forwarded the report to the Financial Intelligence Unit (FIU). The Financial Intelligence Unit will verify the authenticity of the allegations. If it is determined that OKX is an undeclared cryptocurrency business, it will notify the investigation agency.
The issue reportedly lies with “using influencers for promotion.” Currently, OKX is actively promoting Jumpstart and other crypto influencers on Telegram. This is said to have influenced Daxa’s reporting. “We know that OKX paid to promote Jumpstart to the Telegram community,” said a Korean cryptocurrency insider. “It was a sale to Koreans, so that’s why it’s a problem.”
Korean language support is usually a standard for foreign exchanges operating in South Korea. In August 2022, financial authorities notified 16 overseas cryptocurrency exchanges, including MEXC and KuCoin, that they were under investigation for violating the Specific Financial Information Act (the "Special Act") by providing Korean websites and holding events to attract Korean customers. But OKX's website does not support Korean, so it is difficult to tell on the surface whether it is operating in South Korea.