tl;dr
OKX, a major cryptocurrency exchange, has decided to shut down its services in India due to regulatory challenges. Users were given specific instructions to close positions, redeem funds, and withdraw their assets before a deadline. This decision follows a compliance notice issued by the Indian Fina...
OKX, a major cryptocurrency exchange, has decided to shut down its services in India due to regulatory challenges. Users were given specific instructions to close positions, redeem funds, and withdraw their assets before a deadline. This decision follows a compliance notice issued by the Indian Financial Intelligence Unit against several foreign cryptocurrency exchanges. Despite the exit from India, OKX is focusing on expanding its services in other regions and navigating evolving regulatory landscapes globally.
In a recent development, Seychelles-based firm OKX, one of the largest cryptocurrency exchanges in the world, has announced the shutdown of its services in India. According to recent reports, the decision comes in response to regulatory hurdles faced by the exchange in the country. Users were notified of the closure through a notice sent on Thursday, stating that OKX “is no longer providing services to the users in India” due to local regulations.
The notice from OKX urged users to take specific actions before the deadline. Users were instructed to close all margin positions, including perpetual, futures, and options contracts, and redeem funds from staking products. Additionally, users were advised to withdraw all funds from their accounts. After April 30, 2024, at 2 AM UTC, account functionalities would be restricted, although fund withdrawals would still be permitted.
OKX’s decision to exit the Indian market follows the issuance of a compliance notice by the Indian Financial Intelligence Unit (FIU) against nine foreign cryptocurrency exchanges, alleging illegal operations and violations of local anti-money laundering (AML) regulations. The FIU alleged illegal operations and violations of local anti-money laundering (AML) regulations by the exchanges named. While some of these exchanges continued to provide services through apps, OKX has decided to withdraw its services completely from the country. Despite shutting down its operations in India, OKX is focusing on strengthening its operations in other regions, such as Singapore and Dubai, and navigating the evolving regulatory landscapes globally.
Despite the challenges cryptocurrency exchanges face due to evolving regulatory landscapes, OKX emphasizes the safety of user funds and assures that withdrawals will remain accessible. The total valuation of the crypto market cap is $2.44 trillion, with Bitcoin (BTC) attempting to regain stability above the $66,700 level after a steep drop.
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