OKX, the second largest offshore cryptocurrency exchange, has announced the suspension of its services for residents of Japan. The exchange’s mobile application displays a message stating, “Due to local laws in Japan, you cannot use OKX Exchange products.” This decision is likely a response to regulatory pressure from the Japan Financial Services Agency (FSA), as reported by Coinpost.
The move comes shortly after Binance Global, another major player in the crypto exchange industry, revealed its plan to discontinue services for Japanese residents starting November 30, 2023. Binance has announced its intention to launch a dedicated platform for the Japanese market in the summer of 2023.
The increasing strictness of Japan’s regulatory environment has raised concerns among crypto enthusiasts and investors. Many are now curious to know if OKX intends to re-enter the Japanese market once it meets the compliance requirements or if this suspension is a permanent exit. The impact of these decisions on the crypto industry and the affected exchanges’ future strategies remains to be seen