OKX, the second largest crypto exchange in terms of trading volume, is shutting down its services in India due to local regulatory hurdles. The exchange has notified its users in the country to close their accounts and redeem funds before April 30.
OKX Closes Indian Operation
The notice sent to OKX users today (Thursday) stated: “We regret to inform you that OKX is no longer providing services to the users in India,” adding that the decision was taken “due to local regulations.”
The exchange asked its users to close all margin positions, along with positions in perpetuals, futures, and options; redeem funds from staking products; and withdraw all funds from the accounts.
“After [April 30, 2024, 2 AM UTC], we’ll restrict your account,” the exchange added in the notice. “You’ll still be able to withdraw funds, but other functions will become unavailable. Your funds will remain safe and available in your account until you withdraw them.”
Crackdown on Crypto
The decision of OKX came only three months after the Indian Financial Intelligence Unit (FIU) issued a compliance notice against nine foreign cryptocurrency exchanges for alleged illegal operations in the country and for violating local anti-money laundering rules.
The crypto exchanges named by the FIU were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. The agency blocked the website of the named exchanges with a two-week notice. However, a few continue to bypass the action and offer services with apps to existing customers.
Interestingly, OKX was not named by the agency then, but the exchange strengthened its know-your-customer (KYC) process in the country. However, now, it has wholly withdrawn services from the country. Meanwhile, OKX is strengthening its services in other regions. It secured licenses in Singapore and Dubai, and launched trading with local currency of Turkey.
This article was written by Arnab Shome at www.financemagnates.com.
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