While South Korea continues to take harsh measures on cryptocurrencies, the latest move came for the leading cryptocurrency exchange OKX.
OKX may be facing a potential investigation for allegedly breaking relevant rules in the country, local news agency news.1 reported.
According to the news, the Digital Asset Exchange Alliance (DAXA), a working group of five of South Korea's largest cryptocurrency exchanges, filed a report with local authorities on the allegation that global cryptocurrency platform OKX was operating locally without proper registration.
Allegedly, although OKX does not openly offer services to South Korean investors, DAXA accused the exchange of promoting its Jumpstart program to local crypto users through Telegram influencers.
The news also claimed that OKX paid money to Telegram communities to promote the Jumpstart program.
At this point, the Financial Intelligence Unit, one of the regulatory supervisors under the South Korean Financial Services Commission, is expected to launch an investigation into OKX following DAXA's OKX report.
What is DAXA?
DAXA is a group established after the Terra-Luna collapse to take joint action against various events that may affect the local cryptocurrency ecosystem in 2022.
DAXA's members include Upbit, Bithumb, Korbit, Coinone and Gopax.
