Crypto exchange OKX ends services in India due to regulatory hurdles, asks users to withdraw funds

Seychelles-based cryptocurrency exchange OKX has announced the suspension of its services in India, citing regulatory challenges as the primary reason.

The decision comes after the OKX app was removed from major app stores in India, such as the Google Play Store and the App Store, for not complying with India's anti-money laundering laws.

In an email, the company advised its Indian users to close their accounts and withdraw funds by April 30, 2024, at 12 AM UTC. 

The ripple effect of regulatory notices

The Financial Intelligence Unit of India (FIU-IND) had previously targeted nine crypto exchanges, including industry giants like Binance and Kucoin, for operating without proper registration and adherence to the Prevention of Money Laundering Act (PMLA), 2002.

Subsequently, the finance ministry directed the information technology ministry to block their URLs. OKX, Binance, and Kucoin were blocked in the country on January 12.

Although OKX was not mentioned in the initial notice, the exchange has decided to proactively halt its operations in India. 

Focused on global expansion

Despite its withdrawal from the Indian market, OKX is expanding its footprint in the global markets. Notably, It has secured licenses in Singapore and Dubai and has introduced trading with the local currency in Turkey. 

According to CoinMarketCap, OKX ranks as the 18th largest cryptocurrency exchange in the world by volume.