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Crypto exchange OKX ends services in India due to regulatory hurdles, asks users to withdraw funds

IndianStartupNewsIndianStartupNews · 1y ago
Crypto exchange OKX ends services in India due to regulatory hurdles, asks users to withdraw funds
Medial

Seychelles-based cryptocurrency exchange OKX has suspended its services in India due to regulatory challenges and non-compliance with anti-money laundering laws. The company's app was pulled from major app stores in the country, prompting the exchange to advise Indian users to close their accounts and withdraw funds by the end of April 2024. The move comes after the Financial Intelligence Unit of India targeted several crypto exchanges for operating without proper registration. Despite the suspension in India, OKX continues to expand globally, having secured licenses in Singapore and Dubai. OKX is currently the 18th largest cryptocurrency exchange by volume.

Crypto exchange OKX shuts ops in India citing regulatory hurdles

EntrackrEntrackr · 1y ago
Crypto exchange OKX shuts ops in India citing regulatory hurdles
Medial

OKX, one of the largest crypto exchanges in terms of trading volume, is shutting down its services in India. Citing local regulatory hurdles, the Seychelles-headquartered exchange notified its users in the country to close their accounts and redeem funds before April 30. In an email notification to its users, OKX informed that customers will be able to withdraw only funds, while all the other services will be unavailable. The development comes months after the show cause notice was released by Financial Intelligence Unit India (FIU IND) to nine crypto exchanges including Binance, Kucoin, Huobi, Kraken, Gate.io, and Bittrex, among others. However, the notice did not mention OKX. Meanwhile, OKX is strengthening its services in other regions as it secured licenses in Singapore and Dubai, and launched trading with the local currency of Turkey. Despite a surge in Bitcoin prices over the past few weeks, cryptocurrencies exchanges are finding it hard to operate in the Indian market. While Binance is facing a partial ban in India, global exchanges like Coinbase, Koinex and Indian-origin companies like Pillow and Flint have already shut their operations down in the country. India’s top crypto unicorns including CoinDCX and CoinSwitch have also faced challenges in the past 12 months as they went through layoffs and cost-cutting measures. Notably, both companies saw a significant decline in their operating revenue in FY23.

Former OKX CEO Jay Hao joins Indian blockchain startup CIFDAQ as co-founder

YourStoryYourStory · 9m ago
Former OKX CEO Jay Hao joins Indian blockchain startup CIFDAQ as co-founder
Medial

Jay Hao, former CEO of cryptocurrency exchange OKX, has joined Indian blockchain startup CIFDAQ as co-founder and global COO. CIFDAQ plans to launch a centralised crypto exchange and wallet next month, prioritising robust safety measures and cybersecurity. CIFDAQ aims to build a financially prudent ecosystem and differentiate itself through execution. Hao believes many exchanges rely too much on external funding, emphasising the importance of talent, execution, and frugality. CIFDAQ's growth strategy includes acquiring licences from various jurisdictions and incorporating gaming into its blockchain ecosystem. The company prioritizes profitability, sustainability, and long-term stability.

Ola ceases operations in UK, Australian, and New Zealand markets

EntrackrEntrackr · 1y ago
Ola ceases operations in UK, Australian, and New Zealand markets
Medial

Indian ride-hailing service provider Ola is exiting from the UK, Australia and New Zealand. The move comes nearly six years after it launched its services in these three markets. “Our ride hailing business is growing rapidly, and we remain profitable and segment leaders in India. The future of mobility is electric – not just in personal mobility, but also for the ride-hailing business and there is immense opportunity for expansion in India,” an Ola spokesperson said in a statement. “With this clear focus, we’ve reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand…,” the spokesperson added. Ola’s move is likely due to its shift in attention towards launching an initial public offering (IPO) for its electric vehicle arm, Ola Electric. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for the IPO to raise Rs 5,500 crore ($660 million approximately). As per the company, it will utilize the primary proceeds for the expansion of the capacity of its cell manufacturing plant, repayment or pre-payment of the indebtedness, investment into research and product development, and general corporate purposes. Ola is among the few local ride-hailing companies that compete with Uber in the Indian market. The homegrown company is heavily funded too, and counts the likes of Bessemer Venture Partners, Temasek, and Accel as its marquee investors. Moreover, the IPO-bound electric vehicle arm recently raised 410 crore (approximately $50 million) via non-convertible debentures from EvolutionX. Meanwhile, Uber India witnessed a 54.46% increase in its revenue which crossed Rs 2,600 Cr during the fiscal year ending March 2023 but the firm’s losses rose 57% during the same period. Its overall expenditure stood at Rs 3,146 crore in FY23 as compared to Rs 2,146 crore in FY22.

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