OKX to exit the Indian market? Users need to withdraw their funds by the end of April.

According to a report from Cointelegraph, cryptocurrency exchange OKX issued a notice to its Indian users on March 21, requesting them to close their accounts and withdraw funds by April 30. The cryptocurrency exchange cited regulatory barriers in the country as the key reason behind this decision.

OKX to Exit India by End of April

OKX has notified its Indian users on March 21 to close their accounts and withdraw funds by April 30. The cryptocurrency exchange cited local regulatory obstacles as the key reason behind this decision.

After facing a website and app ban in January, OKX implemented a new registration process and conducted strict Know Your Customer (KYC) checks; however, the pressure from regulators ultimately led to the decision to cease operations in India.

Unclear Cryptocurrency Regulations in India, but Heavy Taxation Implemented

The Financial Intelligence Unit India (FIU IND), under the Indian Ministry of Finance, had issued compliance notices to nine prominent offshore exchanges at the end of last year, accusing them of illegal operations and violations of anti-money laundering regulations, including Binance, Kraken, Huobi, among others, but OKX was not on the list at that time.

India had delisted nine exchanges including Binance and Kraken, and had blocked their official websites, as well as Google and Apple app stores.

Although India has not set a timeline for when formal cryptocurrency regulations will be established, it has been imposing a 30% capital gains tax on cryptocurrencies and NFTs since last year, and a 1% tax on each crypto transaction.

Indian Regulations｜NFTs, Cryptocurrencies Subject to 30% Capital Gains Tax, Expected Digital Rupee Issuance by 2023