The cryptocurrencycurrency exchange OKX has said that it is going to stop doing business in India. Indian users of the exchange are asked to cancel their accounts and get their money back by April 30th. Regulating restrictions are the main cause of this request.
Following the shutdown of its website and application in January, OKX implemented a more stringent registration process that included Know Your Customer (KYC) verification. However, the most recent notification provided to users indicates that the exchange will no longer be functional in India.
Three months have passed since the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) delivered compliance letters to nine offshore cryptocurrencycurrency exchanges, instructing the Ministry of Electronics and Information Technology to block the exchanges’ websites within a week.
India is a tough market for international cryptocurrencycurrency exchanges to operate in since, while the use of cryptocurrencycurrencies is increasing, there are severe government rules and regulatory ambiguity.
Despite nearly four years of discussions, the Indian government is unwilling to regulate the budding cryptocurrencycurrency industry. Many players have left due to excessive taxes, including a 1% transaction tax and a 30% tax on cryptocurrencycurrency gains.
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