The exchange reportedly used Telegram influencers to promote its crypto services to South Korean users.
Authorities with South Korea’s Financial Intelligence Unit (FIU) are reportedly investigating OKX following allegations the firm was operating as an unregistered cryptocurrency exchange.
According to a Feb. 7 report from South Korean news outlet News1, the Digital Asset Exchange Association (DAXA) reported OKX’s activities to the FIU, prompting an investigation into the exchange. In December 2023, DAXA and the FIU solicited requests from South Korean crypto users, asking for any information on unlicensed crypto exchanges in the country.
OKX — formerly OKEx — allegedly promoted its ‘Jumpstart’ token sales platform to South Korea-based investors without proper registration, though the firm does not have a Korean-language website. News1 reported that the exchange allegedly used South Korean influencers on Telegramto promote its services. Cointelegraph reached out to OKX for comment but did not receive a response at the time of publication.
