OKX announced exit from India and Australia market

[TheVeteranAngel]

Few months ago, about 9 crypto exchanges including Binance, Kucoin, HTX (Huobi), MEXC and other were delisted by Indian government due to regulatory compliance issue but the likes of OKX, Bitget, WaziriX and few others were allowed to carry on operations but unfortunately, OKX has now announced its exit from the India market and gave a deadline of April 30th for users to withdraw their funds.

The reason for the exit is in connection to regulatory compliance as Indian government continues to intensify effort to regulate digital asset providers (exchanges) by including them in its AML framework dated back in March 2023 and requiring the exchanges to comply with the Financial Intelligence Unit India (FIU IND) standards.

In a similar development, the exchange has also exited the Australian market, stopping most of its major products including; Futures, copy trading and BOT trading as of March 20th 2024.

This new development has raised concerns from both the Indian and Australia users with potential of missing out as the market recovers from the recent adjustment of BTC and major altcoins.

While regulations has become very necessary in the crypto space due to past record of frauds from some exchanges, do you think there is something to worry about from crypto exchanges evading regulations?

[tabas]

Hell TVA, there's already an ongoing discussion about the same topic. Let's continue the discussion on that thread[1] that's been made first before you about OKX's exit in their Indian market.
[1] OKX terminates services in India, asks users to withdraw funds by April 30