One of the largest cryptocurrency exchanges, OKX, based in the Seychelles, is ceasing its operations in India due to regulatory obstacles. The management of OKX stated that the exchange will no longer provide services to Indian clients. However, they will be able to withdraw their cryptocurrency assets until April 30, 2024.

The platform’s management notified Indian traders about the need to close marginal positions and complete transactions related to cryptocurrency derivatives, futures, and options. Indian users will also have to withdraw funds that were involved in OKX’s passive earning instruments such as OKX Earn, Loan, and Jumpstart.

After the specified deadline, the accounts of users from India will be blocked. They will be able to withdraw money from the exchange, but the rest of the platform’s functions will be unavailable to them. For its part, OKX guaranteed the safety of funds until the moment of withdrawal.

The OKX company explained that such a measure was taken in response to the requirement of the Indian regulator. Last year, the country introduced restrictions on the operation of some digital asset service providers for «illegal activities without complying with the provisions of the PMLA (Prevention of Money Laundering Act) in India.» Among such exchanges were Binance, Kucoin, HTX, Kraken, Gate, Bittrex, Bitstamp, MEXC, and Bitfinex. Access to these cryptocurrency exchanges and their resources for local traders and investors was blocked. It should be noted that OKX was not among the listed exchanges. It is known that the management of some trading platforms initiated negotiations on this issue with the Indian authorities.

The OKX exchange website was blocked in India in January this year. After that, OKX introduced new KYC registration procedures, involving strict control of identification and establishment of the client’s identity. However, this did not fully satisfy the Indian authorities, which led to the exchange’s decision to close its activities for users of this country.

Earlier, OKX announced the suspension of services for users in Uzbekistan from March 30, and a few days ago, it stopped the possibility of trading USDT stablecoins in the Eurozone.

You might be interested in:
23.05.2024

Venture Investors Increase Funding for Blockchain Startups

Venture capital investors invested $2.4 billion in blockchain startups in the first quarter of 2024. Investment growth by 40.3% against the backdrop of the legalization of crypto ETFs and the expected easing of monetary policy by the US Federal Reserve.
20.05.2024

Hong Kong Joins CBDC Testing

Hong Kong is joining the testing of the digital yuan: residents of the city will be able to create wallets and use CBDC to pay for goods and services in both Hong Kong and mainland China.
17.05.2024

Non-EVM Blockchains Outperform EVM-Compatible Networks in Transaction Speed CopyRetry

According to CoinGecko, blockchains that do not support the Ethereum Virtual Machine (EVM) exhibit significantly higher transaction processing speeds compared to EVM-compatible networks. On average, non-EVM blockchains are able to conduct transactions approximately four times faster than their EVM counterparts.
15.05.2024

Bitcoin is a safe haven for investors during inflation

Bitcoin is a safe haven for investors during times of inflation. Limited supply, independence from central banks and growing institutional interest make BTC an attractive asset.
Related Topics
Crypto in Estonia
Crypto license in Hong Kong
Crypto Regulations in Hong Kong
Crypto Regulations in the US
Crypto-Friendly Banks
Cryptocurrency in Hong Kong
Cryptocurrency License
Cryptocurrency License in Estonia
cryptocurrency license in Malta
cryptocurrency license in the USA
Obtaining a cryptocurrency license
Popular
23.05.2024

Venture Investors Increase Funding for Blockchain Startups

Venture capital investors invested $2.4 billion in blockchain startups in the first quarter of 2024. Investment growth by 40.3% against the backdrop of the legalization of crypto ETFs and the expected easing of monetary policy by the US Federal Reserve.
20.05.2024

Hong Kong Joins CBDC Testing

Hong Kong is joining the testing of the digital yuan: residents of the city will be able to create wallets and use CBDC to pay for goods and services in both Hong Kong and mainland China.
17.05.2024

Non-EVM Blockchains Outperform EVM-Compatible Networks in Transaction Speed CopyRetry

According to CoinGecko, blockchains that do not support the Ethereum Virtual Machine (EVM) exhibit significantly higher transaction processing speeds compared to EVM-compatible networks. On average, non-EVM blockchains are able to conduct transactions approximately four times faster than their EVM counterparts.
15.05.2024

Bitcoin is a safe haven for investors during inflation

Bitcoin is a safe haven for investors during times of inflation. Limited supply, independence from central banks and growing institutional interest make BTC an attractive asset.
To help improve your experience of our website we would like to use cookies. This means we collect some information on your activity while you are on the website. For more information read more about our use of cookies here, your setting can be changed at any time. Please accept our use of cookies and help us improve your experience.