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OKX Discontinues Services in India
Cryptocurrency exchange OKX has informed its users in India that it will discontinue its services in the country. Users are urged to withdraw their funds by the end of April.
Background
- OKX was among the nine foreign crypto exchanges blocked in India due to compliance notices from local regulators.
- The decision to shut down services in India was driven by local regulatory hurdles.
Action Required
In a notice to Indian users, OKX urged customers to close their accounts and redeem funds before April 30. Users were instructed to close margin positions, perpetuals, futures, and options, and withdraw funds from products like Earn, Loan, and Jumpstart.
Regulatory Challenges
Despite OKX’s efforts to comply with regulatory requirements, it faced website and application blocks in January. The exchange could not successfully complete the new registration process with stringent Know Your Customer checks.
Impact on the Crypto Landscape in India
The lack of clear regulatory guidelines in India has made it challenging for foreign exchanges to operate in the country. The stringent tax regime, including a 30% tax on crypto income and a 1% tax deducted at source on each transaction, has led to uncertainty among industry players.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
