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Author Topic: OKX Ceases Operations in India, Citing Regulatory Hurdles  (Read 972 times)

Offline electronicash

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Re: OKX Ceases Operations in India, Citing Regulatory Hurdles
« Reply #15 on: April 05, 2024, 11:32:29 PM »
Yes, it's very sad, hopefully there will be a solution to this problem soon.
It seems like it's not just India, it's the same in our country Indonesia too.  Personally, I forget whether I got an email or not, what is certain is that if we open OKX via a browser, it will say that this site has been blocked by KOMINFO (Kominfo is the body that handles communications and information in our country)
Then it's a matter of concern because it seems strange that an exchange shuts its operations in more than one country within short period. I have never used that exchange myself so I can't say that it's working in my place or not, but I believe if an exchange does that then it's better to avoid such exchange for our own safety and privacy.
Yes and they have to move their coins from that exchange to another exchange which legit. In my country it is one of the best but recently I discovered that you can't withdraw if the bitcoin is below 0.00005 and if you mistakenly deposit 0.00004 to your exchange, that coin is gone. They will take the coins and because of that attitude they look like scam to me. Because if someone send 0.00004 or below to his or her exchange that is not up to the required amount and the only thing to do is to stop the person to withdraw the coins but this one. The coins will lost. That is scamming. So OKX should review their minimum deposit amount because by the right customer suppose deposit any amount and that was why Binance was the best among all.

that's just a small amount, they could trade it to TRX or Doge in order to withdraw. i think XRP has the lowest withdrawal fee which is probably the better option.
so far there are two exchanges that have been banned almost at the same time. my country do have plans to ban binance but hasn't took place yet. 

its best to just convert it unless they are just willing to let go off that 0.00004 BTC. it does have a value and who knows how much it will be in few months.

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Re: OKX Ceases Operations in India, Citing Regulatory Hurdles
« Reply #15 on: April 05, 2024, 11:32:29 PM »

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Offline Agbe

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Re: OKX Ceases Operations in India, Citing Regulatory Hurdles
« Reply #16 on: April 05, 2024, 11:52:28 PM »
that's just a small amount, they could trade it to TRX or Doge in order to withdraw. i think XRP has the lowest withdrawal fee which is probably the better option.
so far there are two exchanges that have been banned almost at the same time. my country do have plans to ban binance but hasn't took place yet. 

its best to just convert it unless they are just willing to let go off that 0.00004 BTC. it does have a value and who knows how much it will be in few months.
That amount big in my country country. And that should be $5 to $6 depends on the exchange rate at the moment. And if someone have $5 dollar in this economic situation in my country then that person can survive for two days as poor citizen. So for them not allowing someone to withdraw that amount is a big problem for us. So I don't see them as truly a legit exchange. I will look for another exchange which is good for the country.

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Re: OKX Ceases Operations in India, Citing Regulatory Hurdles
« Reply #17 on: April 07, 2024, 01:28:11 AM »
Right from the moment they ban their own local centralized exchange Wazir ex, India has been harsh many times to it's people and crypto regulations
I believe that India isn't in favor of any exchanges and they want all of the exchanges to strictly follow the rules and regulations of their government in order to operate in their country. I don't think that any of the exchange is going to work well in India and if such level of oppression of exchanges continue by the Indian government then that day isn't far when Indian investors will have to look for alternative ways to use those exchanges.

Yes and they have to move their coins from that exchange to another exchange which legit. In my country it is one of the best but recently I discovered that you can't withdraw if the bitcoin is below 0.00005 and if you mistakenly deposit 0.00004 to your exchange, that coin is gone.
That's another matter of concern. Why would they limit the withdrawals? Obviously, they have some wrong policies that users don't like and if they continue doing that then they will lose so many investors from their platform. If we speculate that situation closely then I think they have changed the minimum withdrawal amount due to the fees of the Bitcoin network, but still it's not fair and many users don't like such limits.
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