Users of the crypto exchange in the country need to close their accounts before April 30.
OKX, the second largest crypto exchange in terms of trading volume, is shutting down its services in India due to local regulatory hurdles. The exchange has notified its users in the country to close their accounts and redeem funds before April 30.
OKX Closes Indian Operation
The notice sent to OKX users today (Thursday) stated: “We regret to inform you that OKX is no longer providing services to the users in India,” adding that the decision was taken “due to local regulations.”
The exchange asked its users to close all margin positions, along with positions in perpetuals, futures, and options; redeem funds from staking products; and withdraw all funds from the accounts.
“After [April 30, 2024, 2 AM UTC], we’ll restrict your account,” the exchange added in the notice. “You’ll still be able to withdraw funds, but other functions will become unavailable. Your funds will remain safe and available in your account until you withdraw them.”
The crypto exchanges named by the FIU were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. The agency blocked the website of the named exchanges with a two-week notice. However, a few continue to bypass the action and offer services with apps to existing customers.
Interestingly, OKX was not named by the agency then, but the exchange strengthened its know-your-customer (KYC) process in the country. However, now, it has wholly withdrawn services from the country. Meanwhile, OKX is strengthening its services in other regions. It secured licenses in Singapore and Dubai, and launched trading with local currency of Turkey.
OKX, the second largest crypto exchange in terms of trading volume, is shutting down its services in India due to local regulatory hurdles. The exchange has notified its users in the country to close their accounts and redeem funds before April 30.
OKX Closes Indian Operation
The notice sent to OKX users today (Thursday) stated: “We regret to inform you that OKX is no longer providing services to the users in India,” adding that the decision was taken “due to local regulations.”
The exchange asked its users to close all margin positions, along with positions in perpetuals, futures, and options; redeem funds from staking products; and withdraw all funds from the accounts.
“After [April 30, 2024, 2 AM UTC], we’ll restrict your account,” the exchange added in the notice. “You’ll still be able to withdraw funds, but other functions will become unavailable. Your funds will remain safe and available in your account until you withdraw them.”
The crypto exchanges named by the FIU were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. The agency blocked the website of the named exchanges with a two-week notice. However, a few continue to bypass the action and offer services with apps to existing customers.
Interestingly, OKX was not named by the agency then, but the exchange strengthened its know-your-customer (KYC) process in the country. However, now, it has wholly withdrawn services from the country. Meanwhile, OKX is strengthening its services in other regions. It secured licenses in Singapore and Dubai, and launched trading with local currency of Turkey.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
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🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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