Here’s what happened in crypto today
Mar 21, 202409:00 AST
India crypto exchange OKX has told its users in the country to prepare for the closure of their accounts after the government issued compliance orders against a number of exchanges. Coinbase is preparing to launch new futures trading products for Dogecoin, Litecoin, and Bitcoin Cash, and the United States Securities and Exchange Commission (SEC) is reportedly trying to have Ether
ETHUSD
classified as a security.
OKX terminates services to users in India
OKX cryptocurrency exchange is closing its services in India nearly three months after the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance issued compliance notices to nine foreign crypto exchanges.
In a notice sent to Indian users on March 21, OKX asked users to close their accounts and redeem funds before April 30. The crypto exchange cited local regulatory hurdles as the key reason behind the decision.
India remains a tricky domain for foreign crypto exchanges to navigate despite being a thriving market due to a lack of clear regulatory guidelines and strict government actions.
Although discussions regarding a regulatory framework have been ongoing for almost four years, the Indian government appears to have no intention of acknowledging or subjecting the emerging crypto market to legal oversight.
Coinbase to launch DOGE futures, says it 'transcended' meme origins
Crypto exchange Coinbase believes Dogecoin’s
DOGEUSD
“enduring popularity” suggests it has transcended its meme origins to become a staple in the cryptocurrency industry — and is now planning to launch futures trading products for the cryptocurrency.
In three separate letters to the United States Commodity Futures Trading Commission (CFTC) on March 7, Coinbase Derivatives announced its plans to launch cash-settled futures contract products for Dogecoin, Litecoin
LTCUSD
, and Bitcoin Cash
BCHUSD
as soon as April 1.
