Approximately three months after the Financial Intelligence Unit (FIU), a branch of India’s Ministry of Finance, issued non-compliance notifications to nine foreign cryptocurrency exchanges, OKX, the world’s second-largest offshore exchange, today unexpectedly notified its Indian users to close their accounts and withdraw their funds from the exchange before April 30th.
Ending Activities in India
OKX, the second-largest offshore exchange following Binance in terms of trading volume, has decided to cease its operations in India. The cryptocurrency exchange has asked its Indian users to close their accounts and withdraw their funds before April 30th, according to a notification sent to them.
Despite requests for a statement, OKX has not yet made a public official announcement regarding the cessation of its operations in India. The decision to end the exchange’s operations in the country is a result of broader regulatory uncertainty surrounding cryptocurrency transactions in various jurisdictions, especially in countries like India where authorities have been scrutinizing and imposing restrictions on cryptocurrency exchanges.
As OKX prepares to wind down its operations in India, the cryptocurrency world awaits positive developments in the evolving regulatory landscape. The cessation of OKX’s activities in the country is part of the challenges faced by cryptocurrency exchanges operating in countries with unclear or restrictive regulatory frameworks.
Australia Hits the “Regulation” Button
Another significant development on the regulatory front occurred in Australia. The Australian Securities and Investments Commission (ASIC) has signaled plans to develop “outcome-based” cryptocurrency policies.
ASIC Commissioner Alan Kirkland emphasized the importance of introducing regulations that balance consumer protection, market integrity, and the promotion of financial innovation, which are challenges posed by financial innovations. ASIC’s planning follows initiatives by regulators worldwide to create clear and effective regulatory frameworks for the cryptocurrency industry.
