OKX Announces Departure from Indian Market

[Raymond Blue]

In recent months, the Indian government removed approximately nine crypto exchanges, including Binance, Kucoin, and HTX (Huobi), citing regulatory compliance issues. Despite this, OKX, Bitget, WaziriX, and a select few were allowed to continue operations. However, OKX has now revealed its decision to withdraw from the Indian market, setting a deadline of April 30th for users to withdraw their funds.

This move comes as OKX expresses concerns over regulatory compliance, as the Indian government intensifies efforts to regulate digital asset providers, mandating adherence to the Financial Intelligence Unit India (FIU IND) standards established in November 2004.

Additionally, OKX has ceased operations in the Australian market, discontinuing major products such as Futures, copy trading, and BOT trading as of March 20th, 2024. The news has raised concerns among users in both India and Australia, potentially impacting their participation as the market rebounds from recent adjustments in BTC and major altcoins.

While regulatory measures are necessary to address past instances of fraud within the crypto space, the evasion of regulations by some exchanges cause for legitimate concern