Another Exchange exits Indian Cryptospace - OKX

[TheUltraElite]

With the government acting in full force to stop users from exchanging crypto it seems that another exchange has decided to leave the Indian crypto ecosystem <-- if that term makes any sense anymore.

Previously apps of Binance, Kraken were removed from the Indian markets, something that was well observed by many of the fellow members of this local board.

Additionally sites were IP blocked so people had a hard time to access them. It seems the government is hell bent on their attempts to stop crypto transactions, which I guess is because of their knowledge/assumption of illegal activities surrounding crypto.

Link to the full article - OKX Exits India’s Crypto Space Failing to Meet Legal Requirements

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[Bureau]

Additionally sites were IP blocked so people had a hard time to access them. It seems the government is hell bent on their attempts to stop crypto transactions, which I guess is because of their knowledge/assumption of illegal activities surrounding crypto.

Link to the full article - OKX Exits India’s Crypto Space Failing to Meet Legal Requirements

That is the problem with the government they only think cryptocurrency is the reason for all illegal activities. They do not think of it as another source of income for the middle class which pays the highest amount of tax in India. That is the reason why so many Indian middle class are leaving India as they are the highest taxpayer in India. It does not affect the government now but in 10 years it will affect them and it would be too late to act at that time. Already a lot of Indian crypto community have stopped investing in crypto or trading it due to such horrible conditions created by our government.

[pawanjain]

On one hand we are seeing another exchange leaving India but on other hand we are seeing that the global crypto exchange KuCoin has become FIU compliant.
So that is a green signal from the Indian regulatory authorities and now KuCoin which is one of the big exchanges will be supporting Indian crypto ecosystem.

[TheUltraElite]

On one hand we are seeing another exchange leaving India but on other hand we are seeing that the global crypto exchange KuCoin has become FIU compliant.
So that is a green signal from the Indian regulatory authorities and now KuCoin which is one of the big exchanges will be supporting Indian crypto ecosystem.

It might be that some more exchanges will become FIU compliant in the near future and we will see good resumption of crypto exchanging in India. Possibly OKX did not qualify with their and they had to exit but others might follow through.

More on this as things unfold.

[kentrolla]

Looks like government is hellbent to ensure people remain poor and they want to restrict every single option which people have to earn some decent amount and trust me trading was more easier than any other business as there is no set up cost or rental and other external expenses one can learn the trading and earn decent but they wanted a share of our hardwork by enforcing the cruel tax and now when people had other option they have started either blocking or pressurizing and exchanges instead of giving into the demands have decided to exit Indian market.

This is indeed a very bad development but that's what we have voted for and will be voting for even in the upcoming elections. We have ruined out own fate and opportunity. 

[Bureau]

They got Kucoin to follow their rules and regulations. They cannot force an exchange to follow their rules. These exchanges know their value among crypto community in India and they know users will not leave them. That is why they move out of India but never stop Indian users to operate their exchange.

[avikz]

Slowly many other Indian exchanges will leave Indian market. We are seeing red tepism at its best to stop people using crypto exchanges by issuing arbitrary regulations. if you remember Zebpay, they were the first ever Indian crypto exchange and they were also the first crypto exchange to leave India and move to Singapore. Now they are prospering and providing services to 30+ countries.

Sad state of affairs, really! Unless the political and regulatory influences are reduced in Indian crypto space, many other company will leave soon. If they do not leave, the banking system will start non-cooperation to force them to leave.

[Bureau]

Slowly many other Indian exchanges will leave Indian market. We are seeing red tepism at its best to stop people using crypto exchanges by issuing arbitrary regulations. if you remember Zebpay, they were the first ever Indian crypto exchange and they were also the first crypto exchange to leave India and move to Singapore. Now they are prospering and providing services to 30+ countries.

Sad state of affairs, really! Unless the political and regulatory influences are reduced in Indian crypto space, many other company will leave soon. If they do not leave, the banking system will start non-cooperation to force them to leave.

I feel now that the government is only focusing on getting traders to trade on Indian local exchanges. OKX was an international exchange which was asked to follow FIU directives. The declined and exited Indian market because the Indian government must be asking more data. After the election is completed they would come up with more harsh policies for international crypto exchanges.