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In a significant development, the cryptocurrency exchange OKX has announced the discontinuation of its services for users in India. The decision was communicated to customers via an email on Thursday, urging them to withdraw their funds by the end of April. This move comes in the wake of actions taken by tech giants Apple and Google, who removed the OKX app from their stores in India following concerns raised by an Indian government agency.
The Financial Intelligence Unit pointed out that several crypto exchanges, including prominent names like 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 directed its Indian customers to close all active margin positions and ensure the withdrawal of all funds by April 30. The exchange attributed this decision to “local regulations.” A spokesperson for OKX stated that while the company is winding down its centralized finance (CeFi) operations in India, its decentralized finance (DeFi) and Web3 services will continue to be accessible to developers and creators in the country. The spokesperson added,
“This decision was made in response to recent local regulations directed at offshore exchanges that offer CeFi trading in India.”
The regulatory landscape for cryptocurrencies in India has been evolving, with the government bringing cryptocurrencies under the anti-money laundering and counter-financing of terrorism framework in March of the previous year. While local exchanges like CoinSwitch and CoinDCX have complied with the Financial Intelligence Unit‘s registration requirements, several international exchanges have yet to align with the law.
The tightening of regulations has led many Indian traders to seek out global cryptocurrency platforms, potentially as a means to circumvent taxes. India introduced a tax regime for virtual currencies in 2022, imposing a 30% tax on gains and a 1% deduction on each crypto transaction. While India-based crypto exchanges have maintained strict know-your-customer (KYC) verifications for new users, many global platforms have been less stringent in this regard, with Coinbase ceasing to onboard consumers in India last year.
Elevating Crypto with Green Bitcoin: A Sustainable and Rewarding Approach
Indian users, but not only them, will be pleased to hear they can participate in a presale of a crypto that’s happening completely outside OKX and other exchanges.
Green Bitcoin is making waves as a top cryptocurrency this year, offering an eco-friendly alternative to traditional Bitcoin and introducing an innovative “Predict to Earn” staking mechanic. This feature allows investors to earn rewards by predicting Bitcoin’s price movements, with additional APY rewards for long-term holding.
Stakers can earn bonuses ranging from 5% to 15% based on their staking duration, ensuring profitability even with incorrect predictions. With 27.5% of its total supply dedicated to staking, Green Bitcoin’s presale has already surpassed $1.1 million, bolstering its presence in the eco-conscious crypto niche.
You can participate in Green Bitcoin’s presale here. Keep in mind any investment in crypto tokens comes with significant risk, so only ever invest money you can afford to lose.
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