April

Coin

<ul class="news-points"> 
 <li>OKX exits India due to regulatory challenges and sets a fund withdrawal deadline for April 30.</li> 
 <li>The absence of clear crypto regulations in India stifles market growth despite its potential.</li> 
 <li>Heavy taxation on crypto transactions drives major exchanges to relocate.</li> 
</ul> 
<a href="https://coinedition.com/okx-burns-11-48-million-okb-worth-744-million-in-record-burn-exercise/">OKX</a>, a leading cryptocurrency exchange, announced the closure of its Indian operations, allowing customers to withdraw their funds from the exchange until the 30th of April. This decision comes after compliance notices from the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance to nine foreign crypto exchanges, including OKX, nearly three months ago. 
The exchange attributes its exit to the considerable regulatory obstacles present in the country. Following the FIU’s notices, efforts were made to block the websites of the affected exchanges, leading to the inaccessibility of OKX’s website and application since January.&nbsp; 
Despite introducing a new registration process featuring stringent <a href="https://coinedition.com/jpmorgan-says-stricter-kyc-aml-rules-could-cripple-usdt-dominance/">Know Your Customer (KYC)</a> checks, OKX has opted to cease operations in the Indian market. The country’s stance towards cryptocurrency regulation has been a major point of contention. 
The market, alt…
The post <a href="https://coinedition.com/okx-exits-indian-market-amid-regulatory-challenges/">OKX Exits Indian Market Amid Regulatory Challenges</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.

OKX Exits Indian Market Amid Regulatory Challenges

Coin Edition

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