OKX Halts Operations in India due to Regulatory Hurdles
Amidst an increasingly challenging regulatory environment, the cryptocurrency exchange OKX has made the decision to terminate its services in India. This significant move comes in response to compliance notices issued by the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance to nine foreign crypto exchanges, including OKX. On March 21, OKX issued a communication to its Indian users, advising them to close their accounts and withdraw their funds prior to the end of April. The primary reason for this drastic action is the intense regulatory scrutiny in the country. Upon receiving the FIU’s request, the Ministry of Electronics and Information Technology was given the responsibility of blocking the websites of the impacted crypto exchanges within two weeks of the notice. The phrase ‘OKX terminates services’ is a stark reflection of the current scenario in India’s cryptocurrency market, as it continues to grapple with regulatory issues.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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