Crypto Exchange OKX to End Services in India admin February 3, 2024

Crypto Exchange OKX to End Services in India

OKX, a cryptocurrency exchange, has informed its Indian clients that it will cease operations in the country due to regulatory concerns. Clients are required to close all positions by the end of April and withdraw their funds accordingly, as per a notice obtained by CoinDesk.

The notice specifies the closure of margin positions, perpetuals, futures, and options, with only fund withdrawals permitted after April 30.

This decision comes in response to India’s regulatory framework for digital asset service providers, established in March 2023. Exchanges operating in India must register with the Financial Intelligence Unit India (FIU IND) and adhere to regulatory guidelines. OKX, as of the end of 2023, had not completed this registration process.

India has intensified its crackdown on exchanges operating without proper authorization. In December, the FIU IND identified nine exchanges, including Binance, Kraken, and MEXC Global, as operating unlawfully. However, OKX was not among them.

According to a source familiar with the situation, several exchanges have engaged in discussions with Indian authorities following receipt of notices.

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