Ultimately, crypto exchange OKX decided to phase out all types of crypto services from the Indian crypto market.
OKX is a moderately popular crypto exchange in the Indian crypto market. Over the past two years, the majority of crypto exchanges traded their crypto assets on foreign crypto trading platforms as there was no TDS cut system. Just a few months ago, India’s FIU agency imposed restrictions on the entry of many crypto exchanges Binance, Huobi, Kraken, Gate.io, Kucoin, Bitstamp, MEXC Global, Bittrex and Bitfenex. Many people at the time assumed that OKX was not on that list.
In the first week of March this year, OKX temporarily terminated crypto services citing regulatory pressure, as part of the FIU’s crackdown on non-compliant crypto exchanges.
Today, all Indian OKX platform users received an email from the OKX exchange regarding the restricted crypto services in the Indian jurisdiction.
The OKX team officially confirmed that they are going to phase out their business from the Indian crypto market and urged all customers to close all trading orders and withdraw funds from the platform.
According to the email, Indian customers of OKX will only have time till April 30, 2024 and after that, customers will only be able to withdraw funds while all other services will be unavailable.
However, many people severely criticize the Indian government for such strict actions against crypto exchanges, but many crypto influencers supported enforcement actions against foreign crypto platforms because no foreign crypto platform followed the necessary measures to comply with Indian crypto laws that aimed to financially protect users to follow. activities to catch the bad actors.
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