Postpones South Korea Launch Amid Regulatory Probe’s launch in South Korea hits a snag following a visit by local regulators.

Kris Marszalek posing for a picture with a raised eyebrow in Gangnam, South Korea.
Created by Gabor Kovacs from DailyCoin
  • has hit a roadblock in one of its big launches.
  • The exchange was forced to postpone the launch.
  • The development comes amid a regulatory probe.

Digital assets exchange has reportedly postponed the launch of its trading app in South Korea following heightened scrutiny from regulators in the country.

The development comes after announced its expansion into the South Korean retail crypto market on April 2. The Singapore-based exchange planned to launch its trading app on April 29 to replace OK-BIT, a locally licensed crypto exchange it acquired in 2022.’s Launch Hits a Snag

According to a Bloomberg report dated April 23, has postponed its official launch in South Korea to iron out issues with local regulators.


“We will postpone our launch and take this opportunity to make sure Korean regulators understand our thorough policies, procedures, systems and controls.” The exchange said. “Korea is a difficult market for international exchanges to enter, but we are committed to working with regulators to advance the industry responsibly for Koreans.”

The postponement stems from South Korea’s Financial Intelligence Unit (FIU) visiting’s local office on Tuesday to conduct an “urgent on-site inspection” regarding money laundering activities at the exchange.

Speaking to local news outlet Segye Ilbo, an official from the FIU stated that the regulator had discovered “concerns regarding the prevention of money laundering” in’s data.

While the exchange has yet to set a new launch date, OK-BIT will cease its services on April 19. At the time of acquisition, OK-BIT had 900 customers and has limited its services to withdrawals since then.


Read about South Korea’s plan to regulate crypto listing on exchanges:
South Korea Mulls Crypto Listing Guidelines Targeting CEXs

Stay updated on OKX’s woes in South Korea:
OKX Caught in South Korean Crypto Crackdown: Probe Underway?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.