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Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by EcoBrick: 7:41pm On Mar 22
Major Crypto Exchange OKX shuts down in India, advices users to withdraw all funds

Major Cryptocurrency exchange OKX has announced that it is shutting down its services in India due to local regulations.

The Crypto exchange advised its users to withdraw all funds on the platform by the end of April.

According to Bitcoin News, the exchange sent out a notice to its users on Thursday announcing their plans to quit operations in the country.

“We regret to inform you that OKX is no longer providing services to users in India, “The note said.

“Due to local regulations, you need to withdraw all funds from your account.”


“In addition, users must also “close all margin positions, as well as positions in perpetuals, futures, and options” and “redeem all funds from Grow products: Earn, Loan, Jumpstart.” These steps must be completed by April 30 at noon UTC, Accounts will be restricted to withdrawals after this date.” OKX advised.

OKX announcement came after Apple and Google removed several crypto apps from their stores.

India’s Financial Intelligence Unit (FIU) recently flagged these crypto exchanges as operating illegally in the country.

In December last year, the Indian FIU issued “compliance Show Cause Notices” to nine offshore crypto service providers.

The Indian Ministry of Finance shared at the time that 31 crypto service providers had registered with the FIU.

OKX crypto exchange was not one of the crypto exchanges that registered with the FIU.

What to Know

In India, Cryptocurrencies are not regulated. The finance minister Nirmala Sitharaman explained that crypto assets cannot be currencies which is why they are yet to be regulated in India.

At the G20 meeting that India hosted last year, the country made a case for a global framework for regulating cryptocurrencies citing the various challenges that will emerge if only one or two countries regulate it.

OKX has over 50 million global users with India being one of its main markets.

https://nairametrics.com/2024/03/22/major-crypto-exchange-okx-shuts-down-in-india-advices-users-to-withdraw-all-funds/

39 Likes 4 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Namaster: 7:44pm On Mar 22
All crypto companies have a DARKER side to them. I'm starting to think it comes with the territory.

Few of them can stand up to a close scrutiny. The moment standardized regulations are implemented for the crypto market, a lot of them would crumble.

Lots of them are run by criminals or cater to criminals. First, it was FTX who embezzled people's money. Then Binance was fined OVER $4B for money laundering. Now rather than comply with simple government policies, OKX chose to withdraw from India.

If you make money and your processes are above board, why would you RUN from government scrutiny?

78 Likes 8 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by RenaissanceGuy: 7:51pm On Mar 22
Crypto is the future of money, but the road to that destination will be tortuous, but overall, worth it at the end.

18 Likes 3 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Elliotwaveforec: 8:55pm On Mar 22
Nigerians flocking to okx and bybit, watch your back!

If you want to speculate on the global financial markets, go learn technical analysis and join regulated brokers; do away with crypto exchanges. You can even speculate on cryptos through brokers, along with Gold, Silver, palladium, indices, and currencies.

I know because of mental laziness, you wouldn't learn technical analysis but opt for less stressful spot trading - buy and relax like a retiree.

Come on, use your young brain and study charts to predict the direction of the markets and make money for yourself.

They don't want the hard work of studying charts but prefer the executive (lazy) style of trading.

67 Likes 7 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Laple0541(m): 5:55am On Mar 23
Crypto seems to be loosing it nearly everywhere.

4 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by SenecaTheYonger: 5:56am On Mar 23
Everybody don dey follow Nigerian way.

Be like OKX dominates in India like Binanace in Nigeria

14 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Ayobeck(m): 5:57am On Mar 23
Elliotwaveforec:
Nigerians flocking to okx and bybit, watch your back!

If you want to speculate on the global financial markets, go learn technical analysis and join regulated brokers; do away with crypto exchanges. You can even speculate on cryptos through brokers, along with Gold, Silver, palladium, indices, and currencies.

I know because of mental laziness, you wouldn't learn technical analysis but opt for less stressful spot trading - buy and relax like a retiree.

Come on, use your young brain and study charts to predict the direction of the markets and make money for yourself.

They don't want the hard work of studying charts but prefer the executive (lazy) style of trading.

Pls explain this very well,,come down to our level..dis ur explanation is too crazy n hard to understand..thank u boss

5 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by edenex: 5:58am On Mar 23
Elliotwaveforec:
Nigerians flocking to okx and bybit, watch your back!

If you want to speculate on the global financial markets, go learn technical analysis and join regulated brokers; do away with crypto exchanges. You can even speculate on cryptos through brokers, along with Gold, Silver, palladium, indices, and currencies.

I know because of mental laziness, you wouldn't learn technical analysis but opt for less stressful spot trading - buy and relax like a retiree.

Come on, use your young brain and study charts to predict the direction of the markets and make money for yourself.

They don't want the hard work of studying charts but prefer the executive (lazy) style of trading.

Making money in trading no be by suffer head technical analysis.
So many hungry forex coaches who know all the price action in the world but cant flaunt a 5kusd trading account which is a small thing in the crypto space
Crypto has produced millions of rich people more than suffer head technical analysis and retail forex trading will ever produce.
I made a fortune in crypto after leaving fx which had given nothing after a decade of studying charts undecided

Dey your lane. Make we dey our lane. There is nothing like lazy buying and selling. All na trading as long as it pays the bills Not everyone must trade like a hedge fund on wall street

111 Likes 9 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Goalnaldo(m): 6:03am On Mar 23
Two of the worst places to lose customers as crypto exchange is India and Nigeria because of their huge population.

14 Likes 3 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by DesChyko: 6:08am On Mar 23
Elliotwaveforec:
Come on, use your young brain and study charts to predict the direction of the markets and make money for yourself.

They don't want the hard work of studying charts but prefer the executive (lazy) style of trading.

You know nothing about crypto. This gave you away. The same was said about brick and mortar way of doing things yesteryears, but guess which pays more now?

Move with the times, Chief.

28 Likes 2 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by DenreleDave(m): 6:12am On Mar 23
Whalaha whalaha whalaha.. So OKx quitted because they don't want to comply with the local laws.... Are they doing shady business?


Tinubu has brought this upon India according to our rodents on twitter grin grin grin grin grin

Cc; AlhajiCSO what can you say about this?

Have u called Fbi Cia mossad and mi16

grin grin

32 Likes

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by DenreleDave(m): 6:13am On Mar 23
edenex:


Making money in trading no be by suffer head technical analysis.
So many hungry forex coaches who know all the price action in the world but cant flaunt a 5kusd trading account which is a small thing in the crypto space
Crypto has produced millions of rich people more than suffer head technical analysis and retail forex trading will ever produce.
I made a fortune in crypto after leaving fx which had given nothing after a decade of studying charts undecided

Dey your lane. Make we dey our lane. There is nothing like lazy buying and selling. All na trading as long as it pays the bills Not everyone must trade like a hedge fund on wall street

Boss can u recommend a coin one can buy for long term gain

30 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Real2088: 6:14am On Mar 23
Elliotwaveforec:
Nigerians flocking to okx and bybit, watch your back!

If you want to speculate on the global financial markets, go learn technical analysis and join regulated brokers; do away with crypto exchanges. You can even speculate on cryptos through brokers, along with Gold, Silver, palladium, indices, and currencies.

I know because of mental laziness, you wouldn't learn technical analysis but opt for less stressful spot trading - buy and relax like a retiree.

Come on, use your young brain and study charts to predict the direction of the markets and make money for yourself.

They don't want the hard work of studying charts but prefer the executive (lazy) style of trading.

Please how do I learn?
Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Nahunger(m): 6:16am On Mar 23
tongue
Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by edenex: 6:18am On Mar 23
DenreleDave:


Boss can u recommend a coin one can buy for long term gain

Just check for new projects that have serious VC backing. E.g early stage investing in coins backed by binance labs. You can find them online

7 Likes

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by NaijaCover(m): 6:37am On Mar 23
Inukwa ooooo
Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Inspirer1: 6:37am On Mar 23
Namaster:
All crypto companies have a DARKER side to them. I'm starting to think it comes with the territory.

Few of them can stand up to a close scrutiny. The moment standardized regulations are implemented for the crypto market, a lot of them would crumble.

Lots of them are run by criminals or cater to criminals. First, it was FTX who embezzled people's money. Then Binance was fined OVER $4B for money laundering. Now rather than comply with simple government policies, OKX chose to withdraw from India.

If you make money and your processes are above board, why would you RUN from government scrutiny?
Money laundering is not a new terminology, so the money that has been laundered years before now passed through where?
How many times have we heard of banks being fined for money laundering but only individuals who did the act.
Governments should rather go against individuals who engaged in money laundering.

3 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by everythingtall3: 6:39am On Mar 23
If you are planning to start crypto in 2024, na your money those small boys go take buy benze

5 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Seunpapa65: 6:42am On Mar 23
I see pi shocking the world

3 Likes 2 Shares

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by NPFLADMIN(m): 6:45am On Mar 23
Hope nothing go do Forex sha? Me still dey learn it.


Anyways, Abeg anyone fit dash me 17k. Make God use you. Check my sig for my akkant.

1 Like

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Stevengold(m): 6:46am On Mar 23
Hmmmm
Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by sofeo(m): 6:54am On Mar 23
Of course it's a normal thing and not funny.
Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Beverlyjean(f): 6:55am On Mar 23
Crypto is killing the world...it breeds insecurity... currency influencing, fraud...it can easily kill a not so strong economy.... all because its unregulated....if not for crypto , our exchange rate will not be this terrible....and of course, coupled with our stupid economic policies

6 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Judolisco(m): 6:57am On Mar 23
If na Nigeria now.. Dem go Don dey shout... Nigeria happened to the country grin

4 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by bigdammyj: 7:10am On Mar 23
Noted.
Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by brainpulse: 7:13am On Mar 23
Crypto is a scam everywhere.

2 Likes

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by frankson1(m): 7:16am On Mar 23
edenex:


Making money in trading no be by suffer head technical analysis.
So many hungry forex coaches who know all the price action in the world but cant flaunt a 5kusd trading account which is a small thing in the crypto space
Crypto has produced millions of rich people more than suffer head technical analysis and retail forex trading will ever produce.
I made a fortune in crypto after leaving fx which had given nothing after a decade of studying charts undecided

Dey your lane. Make we dey our lane. There is nothing like lazy buying and selling. All na trading as long as it pays the bills Not everyone must trade like a hedge fund on wall street



Lots of the people I know who are into crypto all ran away from FX trading after they were all ruined.

Lots of them stopped trading and started forming coach and collecting money from people in the name of FX trading classes.

20 Likes 1 Share

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by stano2(m): 7:22am On Mar 23
Indians are angry and ranting online

1 Like

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by tefishy(m): 7:22am On Mar 23
Plenty magomago dey for this crypto thing

4 Likes

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by stano2(m): 7:23am On Mar 23
Beverlyjean:
Crypto is killing the world...it breeds insecurity... currency influencing, fraud...it can easily kill a not so strong economy.... all because its unregulated....if not for crypto , our exchange rate will not be this terrible....and of course, coupled with our stupid economic policies
Crypto is not the reason your exchange rate is terrible. Crypto didn’t just start last year

6 Likes

Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by olayinka63: 7:32am On Mar 23
Elliotwaveforec:
Nigerians flocking to okx and bybit, watch your back!

If you want to speculate on the global financial markets, go learn technical analysis and join regulated brokers; do away with crypto exchanges. You can even speculate on cryptos through brokers, along with Gold, Silver, palladium, indices, and currencies.

I know because of mental laziness, you wouldn't learn technical analysis but opt for less stressful spot trading - buy and relax like a retiree.

Come on, use your young brain and study charts to predict the direction of the markets and make money for yourself.

They don't want the hard work of studying charts but prefer the executive (lazy) style of trading.
OK recommend a learning source
Thank you
Re: Crypto Exchange, OKX Shuts Down In India, Advices Users To Withdraw All Funds by Goldbw122(m): 7:32am On Mar 23
NPFLADMIN:
Hope nothing go do Forex sha? Me still dey learn it.


Anyways, Abeg anyone fit dash me 17k. Make God use you. Check my sig for my akkant.
You wan fund your account with the 17k?

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