OKX Ceases Operations in India, Citing Regulatory Hurdles

cryptonews.com:

Cryptocurrency exchange OKX has emailed its users in India to inform them that it will discontinue its services there, urging them to withdraw their funds by the end of April.

OKX was among the nine foreign crypto exchanges blocked in India after the local regulators issued compliance notices.

In a notice sent to Indian users on Thursday, March 21, OKX urged its customers to close their accounts and redeem funds before April 30.

To justify the action, the CEX cited local regulatory hurdles as the primary reason behind the decision. The notice stated, “We regret to inform you that OKX is no longer providing services to users in India.”

As a result, OKX users in India were instructed to close all margin positions, perpetuals, futures, and options and redeem funds from products like Earn, Loan, and Jumpstart before the April 30 deadline at midnight. 

Furthermore, OKX customers are also advised to expedite the withdrawal of their funds before the deadline to avoid any losses. Moreover, the OKX exchange assures users that their funds will remain safe and available until withdrawn. This decision came after the FIU requested that the Ministry of Electronics and Information Technology  block  the websites of the notified crypto exchanges within two weeks; OKX faced website and application blocks in January. 

Despite attempting to comply by applying for a new registration process with stringent Know Your Customer checks following a block on its website and application in January, OKX’s notice suggests that it could not successfully complete the registration process.

On December 28, 2023, India’s Ministry of Finance’s Financial Intelligence Unit (FIU) issued notices to several cryptocurrency exchanges, including Binance,