OKX terminates crypto services for Indian customers
The OKX team officially confirmed that services of this exchange are not available for customers belonging to the Indian jurisdiction.
OKX is not a highly popular crypto exchange. Seychelles-based this crypto firm provides spot and derivatives trading services. In 2017, this platform was founded by Star Xu in 2017. The services of OKX exchange are not available in the United States. The name of this exchange is popular enough in the Indian crypto market.
On 1 March 2024, the OKX crypto exchange website showed a pop-up notification to all Indian customers that the services of the exchange were terminated because of regulatory pressure in the country.
Furthermore, the OKX team confirmed that people can access the platform if belonging to other jurisdictions and also Indian customers can easily access the OKX Web3 crypto wallet without any restriction.
In Jan of this year, India’s FIU body restricted access to Binance, Huobi, Kraken, Gate.io, Kucoin, Bitstamp, MEXC Global, Bittrex and Bitfenex crypto exchanges. Reportedly these exchanges were not following all the necessary rules to comply with the AML measures.
Following the action of the FIU body, the Google Play store & Apple App Store removed apps of these crypto exchanges, to comply with the new law orders.
Many Indian crypto influencers said that the government of India is taking action these days because of bull sentiments in the market. In short, Indian government agencies are creating a type of fear in the market to dump the trade price of crypto assets.
Earlier in Q1 2022, the finance ministry of India imposed a net 30% tax rule against profit generated on each crypto transaction. In addition to the high tax structure, they also imposed 1% TDS (advance tax) on all the local crypto exchanges, to trace the crypto-fiat trade activities.
Thankfully all the local crypto exchanges are providing their crypto services smoothly without any restriction and here we expect that no new issue will occur for local players, otherwise, it will badly impact the bull sentiments among the Indian crypto traders.
Read also: Nigerian government demands $10B from Binance exchange
