In an email to customers on Thursday, crypto exchange OKX announced it will be discontinuing services for users in India and advised them to withdraw their funds by the end of April.
This decision comes after Apple and Google removed the OKX app from their platforms in India following allegations from an Indian government agency that many crypto exchanges were operating illegally in the market.
While the Financial Intelligence Unit named Binance, Kraken, Huobi, and Gate.io as apps operating illegally in India, OKX was not mentioned in their public statement.
OKX has instructed Indian customers to close all active margin positions and withdraw their funds by April 30, citing compliance with local regulations.
Cryptocurrencies were brought under anti-money laundering and counter-financing of terrorism regulations in India in March last year. Despite many local exchanges complying with regulations, several international exchanges, including OKX, remained non-compliant.
Due to tax implications, many traders in India have turned to global cryptocurrency platforms to evade taxes since India started taxing virtual currencies in 2022. India-based exchanges continued strict verification procedures, while many global platforms did not. Coinbase ceased consumer sign-ups in India last year.
