OKEx Rolls Out P2P Trading Platform in India Amid Regulatory Uncertainty
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Cryptocurrency exchange OKEx has announced the launch of a peer-to-peer trading platform in India, allowing Indian users to buy & sell cryptocurrencies with Indian rupees (INR) with zero transaction fees.

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According to an official press release, the OKEx P2P trading platform currently offers bitcoin (EXANTE: Bitcoin) and tether (USDT) pairs for INR. In addition to the lowest price, the deepest market and the fastest KYC process provided by OKEx, users can also use India’s most widely used payment methods — including UPI, IMPS, NEFT, etc.

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The exchange highlights the India cryptocurrency market "still faces many challenges and limitations."

"Although the ban on crypto has been lifted by the RBI, the vague regulatory policy resulted in some banks still refusing to open accounts for crypto exchanges, claiming that they are waiting for further instructions from the RBI regarding cryptocurrency," OKEx wrote in the press release.

OKEx CEO Jay Hao says blockchain technology will eliminate barriers to transactions, and the exchange "is committed to connecting Indian traders to the international crypto-trading marketplace" by deploying a one-stop service for Indian traders, including spot and many kinds of derivatives.

OKEx's decision to launch a new service comes after an Indian government official admitted the country is developing a new law to ban cryptocurrencies.

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iHodl previously reported that two ministries and the Reserve Bank of India are working together on a new regulation to ban cryptocurrencies in the country. The news comes just five months after a court in India lifted a ban imposed by the central bank that prohibited the country's banks from offering their services to crypto-related companies.

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