OKX terminates services in India, asks users to withdraw funds by April 30

OKX cryptocurrency exchange is closing its services in India nearly three months after the Financial Intelligence Unit (FIU), an arm of the Indian Finance Ministry, issued a notice of non-compliance to nine foreign crypto exchanges.

OKX notified its Indian users on March 21, asking them to close their accounts and redeem funds before April 30. The crypto exchange cited local regulatory hurdles as the key reason behind their step. 

The FIU has requested the Ministry of Electronics and Information Technology block the websites of the notified crypto exchanges within two weeks of the notice.

Following the blocking of the website and applications, OKX started a new registration process with rigorous Know Your Customer (KYC) signups, however, the recent announcement suggests that the initial effort didn’t help the crypto exchange to navigate the regulatory hurdles in India.

Cointelegraph has reached out to OKX but has yet to receive a response.

This is a developing story, and further information will be added as it becomes available.