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Crypto Exchange OKX Shuts Down in India, Urges Users to Withdraw Funds

Crypto Exchange OKX Shuts Down in India, Urges Users to Withdraw Funds

Popular cryptocurrency exchange OKX has announced its closure in India due to local regulations. The exchange has advised its users to withdraw all funds from their accounts by the end of April.

In a notice sent to users on Thursday, OKX stated, “We regret to inform you that OKX is no longer providing services to users in India due to local regulations. You need to withdraw all funds from your account.”

Users are also instructed to close all margin positions, as well as positions in perpetuals, futures, and options, and redeem all funds from Grow products like Earn, Loan, and Jumpstart. These actions must be completed by April 30 at noon UTC, after which accounts will be restricted to withdrawals only.

OKX’s decision follows the removal of several crypto apps from Apple and Google stores. India’s Financial Intelligence Unit (FIU) flagged these exchanges as operating illegally in the country, issuing compliance Show Cause Notices to nine offshore crypto service providers last December.

While India has not yet regulated cryptocurrencies, the finance minister has clarified that crypto assets cannot be considered currencies. At a G20 meeting hosted by India last year, the country advocated for a global framework to regulate cryptocurrencies, citing potential challenges if only a few countries regulate them.

OKX, with over 50 million global users, counts India as one of its main markets. However, the exchange was not among the crypto platforms registered with the Indian FIU.

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