In a surprising development, OKX, the second largest offshore cryptocurrency exchange, has announced its decision to suspend services for residents of Japan. The move comes in response to what appears to be mounting regulatory pressure from Japan’s Financial Services Agency (FSA).
According to a report from Coinpost, a leading cryptocurrency news outlet, OKX’s app now displays a disheartening message: “Due to local laws in Japan, you cannot use OKX Exchange products.”
The decision follows a similar announcement made by Binance Global, another major player in the crypto exchange industry.
Binance revealed that it would cease its services for Japanese residents on November 30, 2023, as part of its plan to launch a dedicated platform designed explicitly for the Japanese market.
This move aims to comply with local regulations and establish a more substantial presence in Japan.
The report indicates that discontinuing the global version of the exchange for Japanese users is imminent. Users attempting to access the OKX app within Japan are met with the disheartening notification that reads, “OKX Exchange products cannot be used in Japan due to local laws and regulations.”
The situation has forced the exchange, which currently lacks a license in Japan, to respond to the demands of the Financial Services Agency.
Meanwhile, OKX’s Help Desk expressed sincere apologies for the inconvenience caused to its Japanese user base. They assured users that the issue is being actively addressed and updates will be provided as soon as possible.
However, the suspension of services by both OKX and Binance in Japan highlights the increasing focus of regulatory authorities on the crypto industry.
OKX’s Native Token OKX Price Analysis
OKB remains resilient despite recent news, showing promising signs with a 7.28% rise in the weekly chart, currently trading at $44.33, according to CoinMarketcap’s data.
Price predictions from a reputable source indicate a bullish trend in the long term, with a projected increase of $1.07 over the next 7 days, potentially reaching $45.40 by July 4th, 2023.
In the short term, a machine learning algorithm has identified a bullish trend for OKB. Consequently, investors can anticipate a slight increase in the coming hours.
This positive trajectory suggests that OKB continues to garner confidence and interest within the market, despite the challenges faced by the exchange in suspending services for Japanese traders.
Related Reading | Bitcoin: Cathie Wood’s Ark Invest Might Be The First To Earn Approval For Spot ETF
