Crypto exchange OKX is ceasing its operations in India due to 'local regulations,' and it has asked users to withdraw funds by Apr. 30.
Crypto exchange OKX is shutting down its operations in India. The decision follows shortly after the Indian government blocked several offshore crypto exchange websites earlier this year, although OKX was not on that list. However, Apple and Google stores removed various crypto apps in India earlier this year, including OKX's.
"We regret to inform you that OKX is no longer providing services to users in India," OKX said in an email sent to local users on Thursday, a copy of which was obtained by The Block. The exchange attributed the move to "local regulations" and instructed users to close all margin positions, as well as positions in perpetual, futures and options. Additionally, it asked users to redeem all funds from Earn and other products and withdraw them from their accounts.
The email said users must take these actions by Apr. 30, 12 AM UTC. Following this date, OKX will restrict users' accounts, though they will still be able to withdraw funds. "Your funds will remain safe and available in your account until you withdraw them," the email reads.
However, following the government's actions, Apple and Google stores removed crypto exchange apps in India, including OKX's. At the time, OKX rival Binance said it would continue to work with Indian regulators to address the situation. "The ongoing situation is not unique to Binance, and we remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services," Binance South Asia's X account said at the time.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Exchange OKX to End Services in IndiaCamomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
Read more »
Tether's USDT Gets Delisted on Crypto Exchange OKX for EU UsersKrisztian Sandor is a reporter on the U.S. markets team focusing on stablecoins and institutional investment. He holds BTC and ETH.
Read more »
OKX terminates services in India, asks users to withdraw funds by April 30The crypto exchange cited local regulatory hurdles as the key reason behind their step.
Read more »
OKX to Reportedly Discontinue Service in India: Users Directed to Close PositionsCrypto Blog
Read more »
Dem Touted Her Pro-Crypto Stance—Then Big Crypto Sent Her Campaign to the MoonJulie Johnson is running for Congress in a tough Texas primary. Lucky for her, she added pro-crypto language to her website and big crypto interests got behind her.
Read more »
Crypto firm Ledger to launch iPod-inspired crypto wallet in May, after months of delaysThe product has reportedly faced production bottlenecks.
Read more »