South Korean Authorities Investigate OKX for Alleged Unregistered Crypto Exchange Operations

South Korea’s Financial Intelligence Unit (FIU) is reportedly probing OKX following accusations of operating as an unregistered cryptocurrency exchange. The Digital Asset Exchange Association (DAXA) reportedly alerted the FIU, prompting an investigation into OKX’s activities. Allegations suggest OKX promoted its token sales platform to South Korean investors without proper registration, leveraging local influencers for promotion. Failure to register could result in penalties from financial regulators, with recent announcements indicating potential severe penalties for crypto criminals. A flash crash in OKX’s token OKB further intensified scrutiny, with its price dropping 48% in minutes before recovering. OKX has yet to respond to requests for comment. (Source: Cointelegraph)