Cryptocurrency trade OKX has knowledgeable its purchasers that it’ll not provide companies in India. Prospects are required to shut their positions by the top of April, after which they’ll solely withdraw their funds. The trade cited regulatory issues within the nation as the rationale for this determination.
In a discover, OKX knowledgeable its Indian purchasers that they need to shut all margin positions, in addition to positions in perpetual, futures, and choices, and withdraw all funds by April 30. The discover acknowledged that after this date, accounts will likely be restricted to withdrawals solely.
India introduced digital asset service suppliers below its anti-money laundering framework in March 2023. Exchanges aspiring to function within the nation are required to register with the Monetary Intelligence Unit India (FIU IND) and cling to regulatory tips. Nonetheless, as of the top of 2023, OKX had not accomplished this registration course of.
The Indian authorities has been cracking down on exchanges working illegally inside its borders. In December, the FIU IND issued notices to 9 exchanges deemed to be working illegally, together with Binance, Kraken, and MEXC International. Notably, OKX ought to have been included on this checklist.
In accordance with sources accustomed to the matter, a number of of the exchanges that acquired notices have engaged in discussions with Indian authorities to resolve the scenario.
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