In December 2023, the Financial Intelligence Unit (FIU) of India sent out show-cause notices to nine international digital asset service firms, accusing them of unlawful operations and breaches of Anti-Money Laundering laws.
Following this, in January this year, India restricted website access to several cryptocurrency platforms, including Binance, Kucoin, and OKX, among others.
Nearly three months after receiving a non-compliance notice from the FIU, cryptocurrency spot and derivatives exchange OKX has announced its exit from the Indian market.
On March 21, OKX advised its Indian customers to withdraw their funds and close their accounts by April 30, 2024, 12 AM UTC, pointing to "local regulations."
Breaking : OKX will restrict all accounts in India by 30th April 2024.
— Crypto India (@CryptooIndia) March 21, 2024
They are informing users to close all positions & withdraw. pic.twitter.com/1WkSwI5uIt
Despite OKX's attempts to comply by initiating a new registration process that featured stringent Know Your Customer (KYC) procedures, the recent closure announcement indicates that these measures were insufficient in overcoming the regulatory obstacles in India.
Edited by Harshajit Sarmah
