Cryptocurrency Q&A
Why is OKX banned in India?
Why is OKX banned in India?
Eleonora
Tue Sep 17 2024
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7 answers
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Could you elaborate on the reasons behind the ban of OKX in India? Is it due to regulatory concerns, or is there some other factor at play? What specific actions or policies by OKX led to this decision by the Indian authorities? Additionally, how does this ban impact the cryptocurrency ecosystem in India, and what are the potential consequences for users and investors in the region?
7 answers
DigitalDragon
Thu Sep 19 2024
The notices allege that these exchanges have failed to register with FIU-IND and comply with the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
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CryptoMaven
Thu Sep 19 2024
The PMLA is a crucial legislation aimed at preventing money laundering and terrorist financing in India.
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Alessandra
Thu Sep 19 2024
It requires financial institutions, including crypto exchanges, to register with FIU-IND and adhere to certain guidelines to prevent the misuse of their platforms for illegal activities.
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EthereumEliteGuard
Thu Sep 19 2024
Recently, the cryptocurrency exchange OKX has been at the center of controversy in India.
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CryptoQueen
Thu Sep 19 2024
Despite these regulations, OKX and other exchanges have continued to operate without proper registration and compliance, leading to the issuance of show-cause notices.
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