OKX exits the Indian market? Users need to withdraw funds before the end of April

According to Cointelegraph, cryptocurrency exchange OKX has issued a notice to Indian users, asking them to close their accounts and withdraw funds before April 30. The exchange cited local regulatory challenges as the main reason for its decision. According to the content of the notice, OKX hopes that users will complete the withdrawal of funds within the specified time to avoid any problems that may arise. This move demonstrates the complexity and challenges of the cryptocurrency industry under different national regulatory environments.

OKX exits India at the end of April

OKX issued a notice to Indian users on March 21, asking them to close their accounts and withdraw funds before April 30. The cryptocurrency exchange cited local regulatory policies as the main reason driving the decision.

OKX implemented an updated registration process and tightened know-your-customer (KYC) checks after authorities blocked its website and app in January. Despite these measures, they seemed unable to withstand regulatory pressure and ultimately chose to cease operations in India.

Encryption regulations are not clear, but heavy taxes will be imposed first

At the end of last year, the Financial Intelligence Unit India (FIUIND) under the Indian Ministry of Finance issued a contract letter to nine well-known offshore exchanges. The regulatory notice accused Binance, Kraken, Houbi, etc. of illegal operations and violation of anti-money laundering regulations, but OKX was not on the list at the time.

Although India has yet to set a timetable for enacting formal cryptocurrency regulations, it has imposed a 30% capital gains tax on cryptocurrencies and NFTs since last year, as well as a 1% source levy on each crypto transaction. taxes.

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