OKX, a major crypto exchange, has announced it’s closing down in India. The move comes after regulatory issues in the country.
Users Must Withdraw Funds
OKX has asked users to:
- Close all margin positions
- Redeem staking funds
- Withdraw all account funds
After April 30, 2024, account access will be limited, but withdrawals will still be allowed.
Regulatory Challenges
OKX’s exit from India follows a notice from the Indian Financial Intelligence Unit (FIU) to nine crypto exchanges, including Binance and KuCoin. The FIU alleged illegal operations and money laundering violations.
Global Expansion
Despite its withdrawal from India, OKX is expanding in other regions. It has obtained licenses in Singapore and Dubai and launched trading in Turkey’s local currency.
Navigating Regulations
Crypto exchanges face challenges due to evolving regulations. OKX emphasizes user fund safety and assures that withdrawals will remain accessible. Indian users are advised to follow OKX’s guidelines to secure their assets.
