OKX, recognized as the second-largest cryptocurrency exchange by trading volume, has announced its exit from the Indian market.
The decision comes in the wake of challenging regulatory conditions in the country. OKX has urged its Indian users to liquidate their positions and withdraw their funds by the deadline of April 30.
In a communication issued to its users in India, OKX expressed regret over the cessation of its services in the nation.
“We regret to inform you that OKX is no longer providing services to the users in India,” the notice stated, attributing the shutdown to “local regulations.”
OKX has instructed users to conclude any open margin, perpetual, futures, and options positions, as well as to redeem any staked funds, ensuring that all balances are withdrawn by the stipulated date.
The notice further elaborated on the implications for user accounts post-April 30, 2024, 2 AM UTC, highlighting that while account access would be limited, users would still have the ability to withdraw their funds.
“After [April 30, 2024, 2 AM UTC], we’ll restrict your account,” the notice detailed.
“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.”
This move by OKX follows closely on the heels of a compliance notice issued three months prior by the Indian Financial Intelligence Unit (FIU) against nine foreign cryptocurrency exchanges.
These platforms were accused of operating illegally within India and breaching the nation’s anti-money laundering statutes.
Among those cited were major exchanges like Binance, KuCoin, and Huobi.
Despite not being listed in the FIU’s notice, OKX had responded by enhancing its KYC procedures in India.
In contrast to its withdrawal from India, OKX is concurrently expanding its global footprint.
The exchange has successfully acquired licenses in both Singapore and Dubai and has initiated trading services with the Turkish Lira, indicating a strategic pivot towards bolstering its presence in alternative markets.