₦airaland Forum

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.

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.

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.

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.

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

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

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.

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

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?

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

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

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

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.

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.