OKX Pulls Out of India

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.