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Crypto Exchange OKX to End Services in India
Customers in the country have until April 30 to close out their positions.
Updated Mar 21, 2024, 12:16 p.m. Published Mar 21, 2024, 12:14 p.m.
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- Crypto exchange OKX told clients it is no longer providing services in India.
- Customers need to close out their positions by the end of April, after which they will only be able to withdraw their funds.
- The exchange says it is responding to regulations in the country.
Crypto exchange OKX notified clients in India that they have until the end of April to wind up their positions because it is ending its service in the world's most populous country as a result of local regulations.
The notice – seen by CoinDesk – told the customers they need to close all margin positions, as well as positions in perpetuals, futures and options and withdraw all funds by April 30.
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"After this date we'll restrict your account" to withdrawals only, the emailed notice said.
Digital asset service providers were brought under the country's anti-money laundering framework in March 2023. Exchanges wishing to operate in India must be registered with the Financial Intelligence Unit India (FIU IND) and comply with the rules. As of end-2023, OKX was not one of the 28 companies to have done so.
India has been cracking down on exchanges operating illegally in the country. The FIU IND issued a notice in December to nine exchanges it said were operating illegally, including Binance, Kraken and MEXC Global. OKX was not on the list.
Several of the exchanges that were sent notices have entered into discussions with Indian authorities, one person familiar with the matter told CoinDesk.
Read more: OKX Planning Web3 Foray Into India, Chief Marketing Officer Says
Amitoj Singh and Shaurya Malwa contributed to reporting.
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