OKX Ceases Operations in India, Ending Crypto Services

OKX, a prominent cryptocurrency exchange, has announced its decision to terminate its services in India due to local regulations. The exchange has advised its customers to close their positions by April 30, 2024, after which withdrawals will only be allowed.

This move comes after Apple and Google removed OKX from their platforms following warnings from the Indian Financial Intelligence Unit (FIU) that the exchange, along with several others, was operating illegally in the country. The FIU had raised concerns over non-compliance with India's anti-money laundering regulations (AML) and urged exchanges to register as reporting entities.

In response to the FIU's directives, OKX notified its Indian customers to close out all margin positions and withdraw funds by April 30. However, the exchange clarified that its DeFi web3 services would remain available to Indian customers, indicating a shift in focus towards decentralized finance offerings.

While OKX has faced regulatory challenges in India, it has received in-principle approval to offer services in Singapore and has announced plans to launch a crypto exchange and web3 wallet service in Brazil and Argentina. Additionally, OKX has delisted Tether's USDT stablecoin on its exchange in the European Economic Area (EEA) in preparation for the implementation of MiCA regulations.

Overall, OKX's decision to exit the Indian market reflects the challenges faced by crypto exchanges in navigating regulatory frameworks across different jurisdictions.