In recent months, the Indian government delisted approximately nine crypto exchanges, including Binance, Kucoin, and HTX (Huobi), citing regulatory compliance issues. However, OKX, Bitget, WaziriX, and a few others were permitted to continue operations. Unfortunately, OKX has now declared its exit from the Indian market, setting a deadline of April 30th for users to withdraw their funds.

The decision to withdraw stems from regulatory compliance concerns, as the Indian government escalates efforts to regulate digital asset providers, requiring adherence to the Financial Intelligence Unit India (FIU IND) standards established in 18th November 2004

In a parallel development, OKX has also ceased operations in the Australian market, discontinuing major products such as Futures, copy trading, and BOT trading as of March 20th, 2024.

This development has sparked concerns among users in both India and Australia, potentially impacting their participation as the market rebounds from recent adjustments in BTC and major altcoins.

While regulation is crucial in addressing past instances of fraud within the crypto space, the evasion of regulations by some exchanges raises legitimate concerns. Although exchange like Bitget is still fully operational in the country but the question is, how long will it take before they discontinue operation as well?