OKX Withdraws from Indian Market: Users Required to Withdraw Funds by End of April

According to a report by Cointelegraph, cryptocurrency exchange OKX has sent a notice to its Indian users on March 21, requesting them to close their accounts and withdraw their funds by April 30. The cryptocurrency exchange stated that local regulatory obstacles were the key reason behind this decision.

OKX implemented a new registration process and conducted strict Know Your Customer (KYC) checks after its website and application were blocked by authorities in January. However, it seems that the pressure from regulators ultimately led to the decision to cease operations in India.

The Financial Intelligence Unit India (FIU IND), a department under the Indian Ministry of Finance, had issued compliance notices to nine well-known offshore exchanges at the end of last year, accusing them of illegal operations and violating anti-money laundering regulations. Binance, Kraken, Huobi, and others were named in the list, but OKX was not included at that time.

Although India does not have a timetable for when it will formalize cryptocurrency regulations, it has imposed a 30% capital gains tax on cryptocurrencies and NFTs since last year, as well as a 1% transaction tax on each cryptocurrency transaction.

OKX has requested Indian users to close their accounts and withdraw their funds by April 30, citing local regulatory obstacles as the main reason behind this decision. The exchange implemented a new registration process and conducted strict Know Your Customer (KYC) checks after its website and application were blocked by authorities in January. However, it seems that the pressure from regulators ultimately led to the decision to cease operations in India. The Financial Intelligence Unit India (FIU IND), a department under the Indian Ministry of Finance, had issued compliance notices to nine well-known offshore exchanges at the end of last year, accusing them of illegal operations and violating anti-money laundering regulations. Binance, Kraken, Huobi, and others were named in the list, but OKX was not included at that time. Although India does not have a timetable for when it will formalize cryptocurrency regulations, it has imposed a 30% capital gains tax on cryptocurrencies and NFTs since last year, as well as a 1% transaction tax on each cryptocurrency transaction.