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

IndianStartupNewsIndianStartupNews ยท 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.

Ahead of IPO, PayU receives final Payment Aggregator license

EntrackrEntrackr ยท 8m ago
Ahead of IPO, PayU receives final Payment Aggregator license
Medial

Ahead of IPO, PayU receives final Payment Aggregator license PayU has received final authorization from the Reserve Bank of India (RBI) to operate as an online Payment Aggregator. This allows the fintech firm to onboard new merchants onto its platform. In April 2024, PayU received in-principle approval from the RBI to operate as a payment aggregator. โ€œAs we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institutionโ€”one that serves merchants of all sizes and contributes meaningfully to the Digital India vision of the RBI and the Government,โ€ said a PayU spokesperson. The development comes at a time when PayU is planning for its IPO, eyeing a public listing during the second half of 2025. The company also appointed Pramod Rao as its Chief Risk Officer, who will oversee risk management, regulatory compliance, and strengthen the organizationโ€™s financial and operational risk framework. PayU has acquired a 43.5% stake in real-time payments technology firm Mindgate Solutions, enhancing its footprint in Indiaโ€™s real-time payments space and leveraging Mindgateโ€™s expertise to drive digital payment innovation globally. Several other startups have secured authorization from the RBI as payment aggregators. MobiKwikโ€™s subsidiary Zaakpay and PB Fintechโ€™s subsidiary PB Pay received in-principle approval, and BharatPeโ€™s Resilient Payments was granted final approval. Earlier this year, cross-border payments company Skydo received in-principle authorization from the RBI to operate as a Payment Aggregator-Cross Border (PA-CB) entity.

Rediff.com India receives TPAP licence from NPCI

EntrackrEntrackr ยท 14d ago
Rediff.com India receives TPAP licence from NPCI
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Rediff.com India receives TPAP licence from NPCI Rediff.com India announced that it has received final approval from the National Payments Corporation of India (NPCI) for its Third-Party Application Provider (TPAP) licence, paving the way for the rollout of its digital payments platform, RediffPay. With this approval, the company has commenced Closed User Group (CUG) testing, an essential step before entering the Unified Payments Interface (UPI) ecosystem. It is also preparing to launch what it claims will be Indiaโ€™s first UPI app built around a financial-wellness, customer-centric proposition, designed to encourage saving, investing, and responsible access to credit. According to the companyโ€™s press release, the CUG testing marks its entry into the UPI ecosystem. โ€œIt enables us to extend secure, interoperable UPI services through RediffPay and advances our mission to broaden financial inclusion while delivering simple, intuitive digital payment experiences for users across India,โ€ the release said. RediffPay aims to combine traditional UPI features with a broader financial-wellness, customer-centric offering. Beyond standard bill payments, mobile recharges, and cross-app UPI interoperability, the app will promote better financial habits through curated savings and investment products such as equities, mutual funds (MFs), fixed deposits (FDs), recurring deposits (RDs), and similar products, along with pathways to quick credit. The RediffPay platform will also support Credit Line on UPI, expanding access to formal credit, particularly in Tier-2, Tier-3, and smaller towns and cities. The company plans to onboard small, micro, mid-sized, and large merchants across India by offering RediffPay UPI QR-code-enabled point-of-sale (POS) solutions, integrating merchant credit demand into its UPI ecosystem. Rediff.com India is a subsidiary of Infibeam Avenues, which acquired a controlling stake in Rediff in 2024 and has since increased its holding to 82%. The company aims to serve its existing base of 60 million unique Rediff visitors and email users. It will offer localised email services compliant with the DPDP Act and provide multilingual UPI services to reach the next 250 million users in India.

Infibeam Avenues receives RBIโ€™s final nod for Payment Aggregator licence

EntrackrEntrackr ยท 1y ago
Infibeam Avenues receives RBIโ€™s final nod for Payment Aggregator licence
Medial

Infibeam Avenues has received final authorisation from the Reserve Bank of India (RBI) to operate as a Payment Aggregator under the Payment Settlements Act, 2007 for its payment gateway brand โ€“ CCAvenue. While Infibeam Avenues already received โ€œin-principleโ€ approval from the RBI late last year, the apex banking body has granted the final licence. RBI had introduced the payment aggregator framework in March 2020. Infibeam Avenues offers digital payment solutions and enterprise software platforms to businesses and governments across industry verticals. The companyโ€™s payment infrastructure solution includes acquiring and issuing solutions and offering infrastructure for banks. Its enterprise software platform provides an online marketplace for government procurement. Razorpay, Cashfree, and Open were the first set of players to get the regulatory nod in December last year. Zomato, DigiO, Google, and Tata Digital among others are the other major players to get the payments licence. Infibeam Avenues claims that it has more than 10 million merchants on its platform and crossed half a million merchant onboarding in the first half of FY24. Infibeam Avenues had earlier launched CCAvenue mobile app, which is an advanced omni-channel payment app where its app features a pin-on-glass SoftPoS solution โ€“ CCAvenue TapPay for Merchants and Kiranas across the country. Infibeam Avenues had shown strong growth and this could be evident from its Q3 FY24 numbers. Its revenue from operations grew 15.4% to Rs 912 crore in Q3 FY24 whereas the firm also managed to grow its profit marginally to Rs 40.8 crore during the above mentioned period.

Crypto exchange OKX shuts ops in India citing regulatory hurdles

EntrackrEntrackr ยท 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. Indiaโ€™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.

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