Crypto exchange OKX ceases services in India

Crypto exchange OKX is ceasing services for users in India, it said in an email to customers Thursday, advising them to withdraw their funds by April-end.

The move follows Apple and Google pulling the eponymous app of OKX in the country after an Indian government agency said many crypto exchanges were operating illegally in the South Asian market.

Financial Intelligence Unit, the government agency, named Binance, Kraken, Huobi and among apps operating “illegally” in India but hadn’t named OKX in its public statement.

OKX has advised customers in India to close all their active margin positions and withdraw all funds by April 30. The crypto exchange cited “local regulations” for its action.

This is a developing story. More to follow.

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By asm3a