Crypto Exchange OKX Announces it Will Exit India

OKX has informed its Indian clients that they must close all of their positions and withdraw all funds by the end of April.

This is due to the fact that the exchange will be ending its services in India as a result of local regulations.

The notice stated that customers must close all margin positions, perpetuals, futures, and options by April 30. If they fail to do so, their accounts will be restricted to withdrawals only.

This decision comes after the country’s anti-money laundering framework was extended to include digital asset service providers in March 2023.

As a result, exchanges must register with the Financial Intelligence Unit India (FIU IND) and comply with the rules.

However, as of the end of 2023, OKX had not registered with the FIU IND, unlike 28 other companies.