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In a major development, cryptocurrency exchange OKX announced that it will stop serving users in India. The decision was notified to customers via email on Thursday, urging them to withdraw their funds before the end of April. The move follows actions by tech giants such as Apple and Google, which removed the OKX app from the Indian market due to concerns raised by Indian government agencies.
The financial intelligence unit noted that several cryptocurrency exchanges, including Binance, Kraken, Huobi, and Gate.io, were operating “illegally” in the South Asian market, although OKX was not specifically mentioned in its public statement.
OKX’s response to regulatory changes in India
OKX has instructed its Indian customers to close all active margin positions and ensure that all funds are withdrawn before April 30. The exchange attributed the decision to "local regulations." An OKX spokesperson said that while the company is gradually shutting down its centralized finance (CeFi) business in India, its decentralized finance (DeFi) and Web3 services will continue to be open to developers and creators in the country. The spokesperson added:
“This decision is in response to recent local regulations targeting overseas exchanges offering CeFi trading in India.”
India’s cryptocurrency regulatory environment is evolving, with the government bringing cryptocurrencies under the Anti-Money Laundering and Counter-Financing of Terrorism framework in March last year. While local exchanges such as CoinSwitch and CoinDCX have complied with the Financial Intelligence Unit’s registration requirements, some international exchanges have yet to come into line with the law.
Increased regulation has led many Indian traders to seek to use global cryptocurrency platforms, possibly to circumvent taxes. India introduced a tax regime for virtual currencies in 2022, imposing a tax of 30% on gains and a deduction of 1% on each cryptocurrency transaction. Although India-based cryptocurrency exchanges conduct strict Know Your Customer (KYC) verification for new users, many global platforms have fewer requirements in this regard, and Coinbase stopped registering users in India last year.
Boosting Cryptocurrency with Green Bitcoin: A Sustainable and Rewarding Approach
Indian users, among others, will be happy to hear that they can participate in cryptocurrency presales that take place entirely outside of OKX and other exchanges.
Green Bitcoin is this year's hot cryptocurrency, providing an environmentally friendly alternative to traditional Bitcoin and introducing an innovative "predict and earn" staking mechanism. This feature allows investors to earn rewards by predicting Bitcoin's price movements and provides additional annualized yield rewards for long-term holding.
Stakers can receive bonuses ranging from 5% to 15% depending on the duration of the stake, guaranteeing profits even if predictions are wrong. 27.5% of Green Bitcoin’s total supply is earmarked for staking, and its presale has exceeded $1.1 million, strengthening its presence in the environmentally conscious crypto space.
You can participate in the pre-sale of Green Bitcoin. Please remember that any investment in crypto tokens carries significant risk, so only invest money you can afford to lose.
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