OKX is a famous crypto exchange where you can do crypto trading. If we talk about the Indian crypto exchange market, OKX is a big name.
But suddenly a message is coming from OKX to its users in which it is written that settle all your accounts by 30th April 2024 because we are stopping our services in India.
Today, let us discuss the reason why a famous crypto exchange company like OKX is leaving India.
Why is crypto exchange OKX leaving India?
If you talk about cryptocurrency then it is a very big market because if you look at the stock market then you only trade in those stocks which are available in your country.
But at the same time, trading in crypto means that you are trading in a worldwide asset. So here you do not face any shortage of liquidity, whenever you sell your crypto in the market, it gets sold within a microsecond.
So from this, we understand that if its market is so big then how much profit would the crypto exchanges make and why are all the crypto exchange apps in the Indian market worried?
Now the simple reason for this is that the Indian government is not supporting cryptocurrency as much as other countries are doing.
What does the Indian government think about crypto trading?
The simple reason for this is that Indian Finance Minister Nirmala Sitharaman had said that we should not look at crypto as a normal market as we look at the stock market because crypto is used for a lot of illegal activities.
Due to this, he said that if someone does crypto trading then he will have to pay 30% tax to the government for the profit made from crypto trading.
Apart from this, there are many taxes which are levied while trading and there are some hidden charges also.
His words clearly show that the Indian Government does not consider cryptocurrency as a valid currency in any way.
He believes that the maximum use of cryptocurrency is to move money around, it is used in drug supply, and cryptocurrency is in many illegal activities related to the dark web.
Is there truth in these statements of the Indian Government?
See, no matter how big a market cryptocurrency is, it is 100% true that cryptocurrency is used for illegal activities.
If we talk about the dark web, then all the payments made here and there are done through cryptocurrency only.
Promoting cryptocurrency so much means that you are promoting illegal activities even more.
Which is the biggest cryptocurrency in this world?
If we talk about cryptocurrency, the first name that comes to mind is Bitcoin. Bitcoin is the costliest cryptocurrency in the world.
All the illegal activities in this world are being paid for these days through Bitcoin only.
You will not believe after hearing that when Bitcoin was launched in 2009, its price was only 414.65 INR, and currently the price of Bitcoin is 55,65,975.30 INR.
If we talk about it, the most valuable thing in this world at this time is Bitcoin which you can trade through crypto exchange.
If someone had taken even a few bitcoins in 2009, he would have been counted among the biggest millionaires today.
It is not that Bitcoin is the only cryptocurrency present in the world. Other famous cryptocurrencies include Ethereum, Solana, Dogecoin, Litecoin, Polkadot, Link, Stellar, etc.
Why does cryptocurrency trading happen in India despite such heavy taxes?
As we talked about, if you do cryptocurrency trading then you will have to pay a 30% tax on your profit to the government.
Not only do you need to pay 30% but there are many extra hidden charges on top of this and after that, there are also fees for the exchange platform.
So overall you have to pay a huge amount in taxes. But still, some people do crypto trading because it is a very volatile market.
If we talk about its volatility, then the stock market is nothing compared to it, it gives up and down up to 10% or 30% in seconds.
So if someone knows crypto trading well, then he makes huge profits here, but there are also huge losses in this.
So for those who like volatility in the market, crypto trading is an ideal platform to earn good profits. If you have to pay more tax on this much profit then it is not a big deal.
Why are crypto exchange platforms incurring losses in India?
The internal taxes on cryptocurrencies in India are so high that crypto exchange platforms have to attract users by charging low fees on their exchange platforms.
This is the reason why many famous crypto exchange platforms like OKX are leaving India, they are not able to make profits.
Experts also believe that similar crypto exchange platforms like OKX started making losses instead of profits. That’s why OKX is leaving India.
Conclusion
If we conclude this article, we come across these points.
- OKX Crypto Exchange is leaving India.
- OKX One has asked its Indian users to settle their accounts before April 30, 2024.
- Indian Government’s policy is against crypto trading.
- The Indian Government has imposed a tax of 30% on the profits from crypto trading.
- Why are similar famous crypto exchange platforms like OKX leaving India?
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