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 Moreover, the OKX exchange assures users that their funds will remain safe and available until withdrawn.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.
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.
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
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.
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.
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.
I heard that there is a regulatory framework soon before the end of the year, so let's see what it will be like.
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.
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.
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.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.
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.
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.
Yes, it's very sad, hopefully there will be a solution to this problem soon.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.
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)
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 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.Yes, it's very sad, hopefully there will be a solution to this problem soon.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.
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)
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.Yes, it's very sad, hopefully there will be a solution to this problem soon.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.
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)
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.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.
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.
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 regulationsI 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.