OKX Exits Indian Crypto Segment due to Failing to Meet Legal Requirements

OKX is headquartered in Seychelles. It has advised its customers to close their accounts by April 30. OKX country last year crypto Had entered the market. “Due to country regulations, you will be required to close all margin positions as well as other positions. The funds in your account will remain safe and available until you withdraw them,” it said in a notice to its customers. In December last year, the Financial Intelligence Unit (FIU) had issued show cause notices to nine foreign crypto firms asking them to provide proof that they were following all the rules of the country. These firms included Binance, Kucoin, Huobi, Bitstamp, Kraken, Gate.io, Bittrex, MEXC and Bitfinex.

The central government continues to maintain its strict attitude towards the crypto segment. Recently, Finance Minister Nirmala Sitharaman had said that cryptocurrencies are not considered or seen as ‘currency’ in the country. On the question of change in the government’s attitude towards this sector after the boom in the crypto market, Sitharaman had said, “The government has always believed that the assets created around crypto should be used as assets for trading and many other things.” “They can be used as currencies. We have not regulated them. This is the position of the central government.” There has been a lot of growth in the crypto market after the Bitcoin Spot ETF got approval from the securities regulator in America. At the beginning of this month, the price of Bitcoin also reached more than $73,700, which is its high price.

Along with this, the prices of Ether and other cryptocurrencies have increased. Capital market regulator SEBI has said that due to ease of transactions, a large number of investors from the stock market may move towards the crypto segment. The crypto segment is getting a boost from the leaders of some big countries as well as investors. Recently, Prime Minister Narendra Modi had stressed the need for global cooperation to deal with emerging technologies like Artificial Intelligence (AI) and cryptocurrency.