Cryptocurrency exchange OKX has informed its Indian clients that it is discontinuing its services in the country. Users have until the end of April to close their trading positions.
According to the announcement, Indian clients of OKX have until the end of April to liquidate their positions. This applies to margin positions, perpetual contracts, futures, and options. After this date, only withdrawals will be permitted from the accounts.
In March 2023, providers of digital asset services in India were brought under anti-money laundering legislation, which requires registration with India's Financial Intelligence Unit (FIU IND) and adherence to specified rules. By the end of 2023, OKX was not among the 28 companies that met these requirements.
The Indian government has cracked down on exchanges operating in the country without necessary permits. In December, FIU IND alerted nine exchanges, including Binance, Kraken, and MEXC Global, of illegal activities, with OKX not included among them.
Some exchanges that received warnings have initiated discussions with Indian regulators to address the situation, according to a source familiar with the matter.
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