Crypto exchange OKX to discontinue services in India

OKX was among the crypto exchanges that got show-cause notices for operating illegally in India by not registering with the Financial Intelligence Unit-India (FIU-IND) and complying with the provisions of the Prevention of Money Laundering Act (PMLA), 2002 (Representative image)

Crypto exchange OKX informed Indian users that it is halting its services in the country, coming a few months after several offshore exchanges received show-cause notices from the finance ministry for not complying with the country's money laundering laws.

The exchange has asked users to close all their margin positions, as well as positions in perpetuals, futures, and options, and withdraw all funds by April 30, 2024, 12 AM UTC.

“After this date, we'll restrict your account. 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,” the exchange said in a notification to users.

OKX along with Binance, Kucoin, Houbi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex received show-cause notices on December 28 for operating illegally in India by not registering with the Financial Intelligence Unit-India (FIU-IND) and complying with the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The finance ministry had then directed the information technology ministry to block the URLs.

OKX, Binance and Kucoin were blocked in the country on January 12.