Crypto exchanges are an important part of the crypto world because they are the ones who bring users on their platform and allow them to trade on various crypto points. We believe that exchange listing is very important for any project because this is how the project gets a bigger community likewise every country should have more crypto exchanges so that they have a variety of services and exchanges to choose from. Even if the country has got a good number of local exchanges which are based out in the country then also we need more exchanges from international to have a balance between the highly advanced innovation and customer-focused services.
India has been one of the countries where things have been in a controversial state and we have seen that in December the Indian Government started banning the URL for various crypto exchanges. The reason why they did this is because they want all these international exchanges to get registered in the country. They blocked the url par total of nine international exchanges and so far no exchange has been registered in the country.
One of the leading exchanges OKX has announced that they are going to end their services in India and they have asked the users to withdraw their funds as soon as possible. Although they have given a timeline of 30th April to withdraw their funds however they also mentioned that users will be able to withdraw even after this date but trading services will not be available. The exchange is not going to register in India because of any region as they haven't shared the reason for this.
This is not good news for the Indian Crypto community because maybe many other international exchanges also decide to go ahead in the same way and they might also stop the services for Indian users. Regulation is good but it should be in a way that should not hurt the industry but looks like the same is happening and it is going to impact the overall crypto community as well as Indian users because they will have fewer options to choose from. Regulation with crypto is something that should be taken care of by the government in a way that the entire process should be easy to onboard the business and that is how the right approach should be in place but unfortunately looks like the government is trying to be straight and they do not want to the process to be easy and convenient.
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