Due to local rules, cryptocurrency exchange OKX is discontinuing its services in India, the country with the largest population. As a result, clients in that country have until the end of April to finalise their holdings.
Customers were instructed to cancel all margin holdings, as well as positions in perpetuals, futures, and options, and to remove all funds by April 30 according to the notice, which CoinBrit was able to view.
The email notice stated, “After this date we’ll restrict your account” to withdrawals exclusively.
In March 2023, digital asset service providers were included in the nation’s anti-money laundering framework. Exchanges that want to do business in India have to follow the regulations and register with the Financial Intelligence Unit India (FIU IND). OKX was not one of the 28 corporations that had done so as of the end of 2023.
India has been taking strong action against exchanges that are not authorised to operate there. Nine exchanges, including Binance, Kraken, and MEXC Global, received a warning from the FIU IND in December alleging that they were conducting business unlawfully. The list does not include OKX.
One source with knowledge of the situation told CoinBrit that several of the exchanges that received notifications have started talking with Indian authorities.
