OKX Exchange Set to Leave Japan; Could it Pull a Binance?

Joshua Ramos
Source: The Block

One of the largest cryptocurrency exchanges, OKX, is reportedly set to leave Japan, following a similar decision made by Binance. Specifically, crypto blogger Colin Wu has reported that the exchange is set to “suspend services to residents in Japan,” according to a recent Japanese News report.

The decision is connected to the Japanese legislation that is reportedly pushing the exchange outside of the market. Moreover, that decision follows similar actions that Binance has taken in recent months. Nevertheless, the exchange had announced it would reenter the market with a Japanese platform this summer.

OKX Follows Binance Out of Japan

The regulatory landscape of the digital asset industry is an ever-changing reality. Indeed, as that landscape continues to change and grow, various platforms have begun to assess their viability in different markets. Now, one specific market has seen two prominent crypto players leave.

Specifically, the OKX Cryptocurrency exchange is reportedly set to leave Japan, following similar action already taken by Binance. Moreover, Wu reported that the decision is closely connected to the regulatory decisions that were made by the country.

Wu reported that the exchange has stated, “Due to local laws in Japan, you cannot use OKX Exchange Products.” Additionally, the report suggests that the decision “may be due to regulatory pressure from the Japanese Financial Services Agency.”

Cryptocurrency exchange OKX, is reportedly set to leave Japan; however, could it be following the example already set by Binance?
Source – Tech Times

Binance had also announced its intention to leave Japan, along with a host of other markets. Nevertheless, the largest exchange by trading volume has announced its departure from the Netherlands, and countries where stricter regulation has been established. Conversely, the exchange did announce it will reenter the Japanese market. Specifically, launching a platform that is native to the country.

For Binance, its decisions coincide with recent enforcement actions taken by the US Securities and Exchange Commission (SEC). As the regulatory agency charged the exchange with a host of US securities law violations. Thus, many have assumed that the exchange’s decisions have been connected to its navigation of rapidly changing regulatory standards.

Japan has embraced laws within the digital asset industry in the same way that many markets have. Moreover, the country has recently announced that its largest bank, Mitsubishi UFJ Financial Group (MUFG), is embracing the industry. Subsequently, it is seeking to issue stablecoins on its native blockchain platform, Progmat.