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

IndianStartupNews

IndianStartupNews · 1y ago

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

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.

Related News

Crypto Exchange OKX Halts Services In India Due To Regulatory Issues

Inc42 · 1y ago

Crypto Exchange OKX Halts Services In India Due To Regulatory Issues

Cryptocurrency exchange OKX has announced that it will suspend its services in India due to regulatory issues. The exchange has instructed its users to close all margin positions and withdraw funds by April 30. This move follows the show-cause notices sent to several offshore exchanges, including OKX, by India's finance ministry for non-compliance with anti-money laundering laws. The decision comes at a challenging time for the Indian crypto ecosystem, with high taxation and regulatory concerns leading to layoffs and shutdowns of crypto startups. Indian exchanges have seen a surge in demand following the recent rally in Bitcoin.

Crypto exchange OKX shuts ops in India citing regulatory hurdles

Entrackr

Entrackr · 1y ago

Crypto exchange OKX shuts ops in India citing regulatory hurdles

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.

Crypto exchange OKX plans to enter India amid tough market conditions

IndianStartupNews

IndianStartupNews · 1y ago

Crypto exchange OKX plans to enter India amid tough market conditions

OKX, one of the world's largest cryptocurrency exchanges, plans to enter the Indian market despite recent challenges. The exchange aims to expand its wallet services and engage with the Indian developer community to explore Web3 applications. While India lacks a specific legal framework for cryptocurrencies, it has imposed stringent taxes on crypto trading and implemented anti-money laundering regulations. OKX currently has around 200,000 wallet users in India, constituting 5% of the country's Web3 users. The exchange intends to cooperate with local stakeholders and await regulatory clarity before fully entering the market.

Coinbase extends timeline for fund withdrawal for users in India

Economic Times

Economic Times · 1y ago

Coinbase extends timeline for fund withdrawal for users in India

Crypto trading platform Coinbase has extended the timeline for users in India to withdraw funds from their accounts until October 31, 2023, after which its retail exchange services will cease. The company, facing regulatory challenges in India, plans to end access to its app and website for users in the country. However, Coinbase remains committed to the Indian market and is exploring ways to strengthen its presence. The platform had entered India in April 2022 but faced pressure from regulators, leading to the disabling of certain services.

Crypto exchange OKX receives in-principle approval for Singapore payments licence

Economic Times

Economic Times · 1y ago

Crypto exchange OKX receives in-principle approval for Singapore payments licence

Cryptocurrency exchange OKX's Singapore subsidiary has received in-principle approval for a payments license from the Monetary Authority of Singapore. This license will enable OKX to offer digital payment token and cross-border money transfer services in Singapore, positioning the country as a key market for the company. The approval comes as the crypto market experiences significant growth and bitcoin reaches record highs. Prior to this, OKX obtained a regulatory license in Dubai earlier this year to provide crypto services to retail clients.

Coinbase is stopping ‘all services’ for Indian users

Economic Times

Economic Times · 1y ago

Coinbase is stopping ‘all services’ for Indian users

Cryptocurrency exchange Coinbase Global is discontinuing its services for all remaining registered users in India, with access to Coinbase.com or the Coinbase app available until September 25, 2023, according to an email sent to users. The exchange also appears to have stopped new user signups for the app in India. Coinbase cited the identification of accounts that no longer meet their updated standards as the reason for disabling these accounts. Affected users can withdraw their balances and send funds to other crypto service providers until September 25.

Binance to halt naira services amid ongoing regulatory probe in Nigeria

TechCrunch · 1y ago

Binance to halt naira services amid ongoing regulatory probe in Nigeria

Binance has announced that it will halt its naira (NGN) services in response to increased regulatory scrutiny in Nigeria. The cryptocurrency exchange will delist NGN spot trading pairs and remove NGN from its auto-invest tool by March 7th. Users are advised to withdraw or convert their NGN assets before discontinuation. In recent weeks, the Nigerian government has imposed restrictions on crypto exchanges and accused Binance of facilitating illicit flows of $26 billion. Two Binance officials were detained in Nigeria, reportedly due to illegal operations. Nigeria's parliament has also threatened to arrest Binance executives.

Crypto exchange OKX ceases services in India

TechCrunch · 1y ago

Crypto exchange OKX ceases services in India

OKX, a cryptocurrency exchange, is terminating its services for users in India. This decision comes after the app was removed from Apple and Google stores in response to an Indian government agency's claim that numerous crypto exchanges were operating illegally in the country. Although OKX was not mentioned by name in the agency's statement, it has cited "local regulations" as the reason for withdrawing services. The move highlights the increased scrutiny and regulation of cryptocurrencies in India, with taxes implemented on virtual currencies and stricter compliance measures for domestic platforms.

MetaMask Expands Crypto-to-Fiat Conversion Users Can Now Withdraw Funds to Bank Accounts and PayPal

Business Bytes

Business Bytes · 1y ago

MetaMask Expands Crypto-to-Fiat Conversion Users Can Now Withdraw Funds to Bank Accounts and PayPal

MetaMask Expands Crypto-to-Fiat Conversion Users Can Now Withdraw Funds to Bank Accounts and PayPal MetaMask, a leading cryptocurrency wallet and gateway to the decentralized world, has unveiled a groundbreaking feature that enables users to seamlessly convert their digital assets into fiat currency. This new capability allows users in the United States, United Kingdom, and select European regions to withdraw their crypto holdings directly to their bank accounts or PayPal, marking a significant milestone in the convergence of the crypto and traditional finance worlds.

Accel-backed crypto startup Pillow to shut down operations on July 31

Money Control

Money Control · 2y ago

Accel-backed crypto startup Pillow to shut down operations on July 31

Crypto startup Pillow, backed by Accel, will cease its operations on July 31. The company announced its decision to shut down, citing regulatory challenges as the reason. Pillow aimed to simplify cryptocurrency investments by providing users with easy-to-use investment tools. However, it struggled to navigate the evolving regulatory landscape and ultimately decided to close its operations. The startup asked its users to withdraw funds at the earliest. This comes eight months after the startup raised $18 million in a Series A round.

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