Three months following the Financial Intelligence Unit of India’s Ministry of Finance issuing non-compliance notices to several international crypto exchanges, OKX has surprisingly instructed its Indian clientele to terminate their accounts and retrieve their assets by the end of April.
OKX Bids Farewell to Indian Market
Following Binance, OKX ranks as the world’s second-largest offshore exchange by trading volume. Its recent announcement has directed Indian customers to close their accounts and withdraw all funds by April 30th. This move comes without an official public statement from OKX, but it is seen to be in response to the increasing regulatory complexities and constraints imposed on cryptocurrency exchanges within India.
The global crypto community is currently observing the regulatory shifts within India, hoping for favorable changes. OKX’s departure highlights the difficulties faced by digital asset exchanges in markets where regulation remains uncertain or stringent.
Australia Proposes Outcome-Focused Crypto Regulation
In a parallel development, the Australian Securities and Investments Commission has signalled an intent to shape ‘outcome-focused’ regulatory policies for cryptocurrencies. ASIC’s Commissioner, Alan Kirkland, has underscored the need for regulations that support consumer safety, ensure market integrity, and foster financial innovation. Australia’s move is part of a global tendency among regulators to establish clear and effective regulatory structures for the expanding crypto industry.