Global cryptocurrency exchange OKX recently announced the discontinuation of its peer-to-peer (C2C) trading services in Taiwan, effective this month. The platform published detailed arrangements and follow-up measures regarding this decision.
👉 Explore OKX's latest updates
Key Announcement Details
OKX stated in its official notice that after carefully evaluating market developments, it decided to phase out C2C trading in Taiwan. This strategic move aims to optimize platform resources and enhance user experience.
This "careful market evaluation" phrasing resembles OKX's previous announcement when withdrawing from Hong Kong operations.
Timeline and Implementation Plan
Gradual Phase-Out Schedule
Below is OKX's detailed timeline for discontinuing Taiwanese C2C services:
- June 18, 2024: Platform will prohibit merchants from posting new orders and stop accepting new transactions
June 24, 2024: Complete termination of all C2C functionalities, including:
- Mandatory merchant delisting
Requirement for merchants to:
- Submit downgrade requests
- Resolve all pending/disputed transactions
- Remove all active listings
Impact Mitigation Measures
Merchant Transition Process
For merchants failing to complete the above steps, OKX will:
- Automatically remove listings
- Revoke merchant status
- Refund security deposits
The exchange emphasized this change only affects C2C services—other functionalities like deposits/withdraws and trading products remain operational.
👉 Understand OKX's service changes
Potential Reasons Behind the Decision
Industry observers speculate this move relates to:
- Regulatory developments: Taiwan's increasing oversight of OTC trading
- Compliance strategy: Proactive adaptation to potential regulatory changes
- Risk management: Addressing operational complexities with local merchants
Notably, Taiwan's Financial Supervisory Commission currently lacks jurisdiction over offshore C2C services. Whether OKX's withdrawal indicates forthcoming regulatory shifts remains unclear.
Frequently Asked Questions
Q: Can I still trade cryptocurrencies on OKX in Taiwan?
A: Yes, only C2C services are affected. Spot and derivatives trading remain available.
Q: What happens to my active C2C orders?
A: Complete all transactions before June 24. Post-deadline, OKX will forcibly resolve pending orders.
Q: Will OKX completely exit Taiwan?
A: No official announcement suggests full withdrawal—only C2C services are discontinued.
Q: How does this impact merchant accounts?
A: Affected merchants must downgrade to regular user status and may need to reapply if C2C services resume.
Risk Advisory Notice
Cryptocurrency investments carry substantial risk, including possible loss of principal. Market volatility may cause significant price fluctuations. Conduct thorough risk assessment before trading.