OKX Ceases Operations in India, Citing Regulatory Hurdles

[Husires]

Cryptocurrency exchange OKX has emailed its users in India to inform them that it will discontinue its services there, urging them to withdraw their funds by the end of April.

As a result, OKX users in India were instructed to close all margin positions, perpetuals, futures, and options and redeem funds from products like Earn, Loan, and Jumpstart before the April 30 deadline at midnight.

Furthermore, OKX customers are also advised to expedite the withdrawal of their funds before the deadline to avoid any losses. Moreover, the OKX exchange assures users that their funds will remain safe and available until withdrawn. This decision came after the FIU requested that the Ministry of Electronics and Information Technology block the websites of the notified crypto exchanges within two weeks; OKX faced website and application blocks in January.

source: https://cryptonews.com/news/okx-ceases-operations-in-india-citing-regulatory-hurdles.htm


For Indian users, you have less than a month and a half before you can withdraw your deposits, and I do not know whether the data will be deleted after that, but it may be difficult to withdraw currencies after that date.

[Gurujebs]

For Indian users, you have less than a month and a half before you can withdraw your deposits, and I do not know whether the data will be deleted after that, but it may be difficult to withdraw currencies after that date.

I think the exchanges ought to settle their differences with jurisdictions before bull run, this will affect some people in a way that they have to settle for less exchange that will not be that secure or too risky as a result of little liquidity to trade their coins. If their coins are not listed on other exchanges, they don't have a choice than to sell at loss especially those BitcoinUP and Bitcoindown on those exchanges that can't be sent out because they are basically run by the exchange.

There is no way the exchange will be deleting those data, they wouldn't because that alone is expensive and can be exchange for money. Even if they wouldn't sell it, there is no way that exchange are going to delete any of those details from India.

[Z-tight]

The regulatory demands for exchanges in India would cause many of them to cease their operation in that jurisdiction. Sometime last year the FIU in India published a statement that nearly all exchanges were operating illegally in the country and they had to register with the FIU to operate in India.

Last i read, some local exchanges have registered with this body, but i don't think global exchanges are happy with what the demands are, so i am sure it is not only OKX that is going to cease operation here, other exchanges will follow too.

[target]

They just give up unlike Binance whos willing to comply.
 Nothing is on the news behind the scene. OKX probably won't register to operate legally and pay Indian government.

[Husires]

There is no way the exchange will be deleting those data, they wouldn't because that alone is expensive and can be exchange for money. Even if they wouldn't sell it, there is no way that exchange are going to delete any of those details from India.

Exchanges cannot do anything if governments decide to consider cryptocurrencies illegal or set complex conditions for obtaining licenses, Binance is forced to leave the US market

Last i read, some local exchanges have registered with this body, but i don't think global exchanges are happy with what the demands are, so i am sure it is not only OKX that is going to cease operation here, other exchanges will follow too.

There are already some local exchanges that work but I heard one of them is a scam. Users will continue to buy Bitcoin either via p2p or by using a VPN.

They just give up unlike Binance whos willing to comply.
 Nothing is on the news behind the scene. OKX probably won't register to operate legally and pay Indian government.

I heard that there is a regulatory framework soon before the end of the year, so let's see what it will be like.

[Z-tight]

They just give up unlike Binance whos willing to comply.

Has Binance complied with the regulatory demands of the FIU? Last year Binance was in the list of exchanges that the FIU published for operating illegally in India.

There are already some local exchanges that work but I heard one of them is a scam. Users will continue to buy Bitcoin either via p2p or by using a VPN.

Thanks for mentioning it here, do you know the name of the exchange that is suspected to be a scam, so maybe you can warn Indian users here about it. This is part of the risk with local exchanges that are not so recognized, they may just be a scam.

[Zed0X]

They just give up unlike Binance whos willing to comply.

Has Binance complied with the regulatory demands of the FIU? Last year Binance was in the list of exchanges that the FIU published for operating illegally in India.

I don't think so. The last time I checked, India's tax on cryptocurrency transactions is one of the highest in the world. It's possible that they are also charging insane amounts for getting permits and license to operate there. If that's the case, then it's not conducive for foreign businesses even if it's someone as big as Binance or OKX.

[Freemind]

It is completely normal that things like this happen. The exchange must be protected from the laws on cryptocurrencies that are not 100% clear or that are not completely finished, otherwise they could have problems. I don't know how the legal situation is now (after reading so many contradictory articles) currently in India, but until the government 100% approves cryptocurrencies, it's better to close the doors to users from that country. And then, if possible, apply for the license to operate legally. This will make the requirements for KYC stricter and more personal data will be needed.

[notblox1]

Are there any exchanges left that are regulated and safe to be used in India now or they banned them all?
I think people can still use exchanges that dont have kyc regulations and they are available in all countries.

[electronicash]

Are there any exchanges left that are regulated and safe to be used in India now or they banned them all?
I think people can still use exchanges that dont have kyc regulations and they are available in all countries.

theres WazirX, its the most popular local exchange there but there are few other alternatives for them. i have some Indian friends in my neighborhood who are actively using this exchange. its not such a big loss for them. 

Binance i think also was banned already in India, their only options now are just the local exchanges. but these bans are just on papers still, my friends are still using Binance actually, even the people in India are still using Binance. so i'm not sure about this OKX.

[SamReomo]

It's a very sad news for Indian users who have accounts and open positions on that exchange. Indian government seems to be very strict and that's why most of the exchanges are closing their operations in that country. I hope the ones who have many open positions may not lose a lot of money.

[Vx1]

It's a very sad news for Indian users who have accounts and open positions on that exchange. Indian government seems to be very strict and that's why most of the exchanges are closing their operations in that country. I hope the ones who have many open positions may not lose a lot of money.

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)

[SamReomo]

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.

[Gurujebs]

It's a very sad news for Indian users who have accounts and open positions on that exchange. Indian government seems to be very strict and that's why most of the exchanges are closing their operations in that country. I hope the ones who have many open positions may not lose a lot of money.

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 but on a second thought, don't you think the centralized exchanges are not also been considerate to their investors. I know that the government can be harsh with policy and regulations but I also think that the exchange need to consider the people before they exit the country. If another exchange manage to win their heart, they will get the investors to their platform.

[Agbe]

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.