Indian users are urged to withdraw funds as OKX navigates regulatory hurdles and reveals expansion plans in other regions
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OKX, a prominent crypto exchange renowned for its high trading volume, is discontinuing its services in India due to regulatory obstacles in the country. The exchange, headquartered in the Seychelles, has notified its Indian users to close their accounts and withdraw their funds before April 30.
In an email communication to its users, OKX stated that customers are required to close all margin positions, including perpetuals, futures, and options. After April 30, all other services will be suspended, and only fund withdrawals will be allowed.
Meanwhile, OKX is expanding its operations in other regions, having obtained licenses in Singapore and Dubai and initiating trading with the local currency in Turkey.
In March 2023, digital asset service providers were included in India's anti-money laundering framework. To operate in India, exchanges must register with the Financial Intelligence Unit India (FIU IND) and adhere to regulations. However, by the end of 2023, OKX had not completed registration, unlike 28 other companies.