OKX cryptocurrency exchange is closing its services in India nearly three months after the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance issued compliance notices to nine foreign crypto exchanges.
In a notice sent to Indian users on March 21, OKX asked users to close their accounts and redeem funds before April 30. The crypto exchange cited local regulatory hurdles as the key reason behind the decision.
The FIU requested the Ministry of Electronics and Information Technology block the websites of the notified crypto exchanges within two weeks of the notice.
After authorities blocked its website and application in January, OKX implemented a new registration process with rigorous Know Your Customer checks; however, its notice to users suggests the exchange will no longer operate in India.
OKX has yet to respond to Cointelegraph’s request for comments.
This is a developing story, and further information will be added as it becomes available.
