Users of the crypto exchange in the country need to close their accounts before April 30.
OKX, the second largest crypto exchange in terms of trading volume, is shutting down its services in India due to local regulatory hurdles. The exchange has notified its users in the country to close their accounts and redeem funds before April 30.
OKX Closes Indian Operation
The notice sent to OKX users today (Thursday) stated: “We regret to inform you that OKX is no longer providing services to the users in India,” adding that the decision was taken “due to local regulations.”
The exchange asked its users to close all margin positions, along with positions in perpetuals, futures, and options; redeem funds from staking products; and withdraw all funds from the accounts.
“After [April 30, 2024, 2 AM UTC], we’ll restrict your account,” the exchange added in the notice. “You’ll still be able to withdraw funds, but other functions will become unavailable. Your funds will remain safe and available in your account until you withdraw them.”
The crypto exchanges named by the FIU were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. The agency blocked the website of the named exchanges with a two-week notice. However, a few continue to bypass the action and offer services with apps to existing customers.
Interestingly, OKX was not named by the agency then, but the exchange strengthened its know-your-customer (KYC) process in the country. However, now, it has wholly withdrawn services from the country. Meanwhile, OKX is strengthening its services in other regions. It secured licenses in Singapore and Dubai, and launched trading with local currency of Turkey.
OKX, the second largest crypto exchange in terms of trading volume, is shutting down its services in India due to local regulatory hurdles. The exchange has notified its users in the country to close their accounts and redeem funds before April 30.
OKX Closes Indian Operation
The notice sent to OKX users today (Thursday) stated: “We regret to inform you that OKX is no longer providing services to the users in India,” adding that the decision was taken “due to local regulations.”
The exchange asked its users to close all margin positions, along with positions in perpetuals, futures, and options; redeem funds from staking products; and withdraw all funds from the accounts.
“After [April 30, 2024, 2 AM UTC], we’ll restrict your account,” the exchange added in the notice. “You’ll still be able to withdraw funds, but other functions will become unavailable. Your funds will remain safe and available in your account until you withdraw them.”
The crypto exchanges named by the FIU were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex. The agency blocked the website of the named exchanges with a two-week notice. However, a few continue to bypass the action and offer services with apps to existing customers.
Interestingly, OKX was not named by the agency then, but the exchange strengthened its know-your-customer (KYC) process in the country. However, now, it has wholly withdrawn services from the country. Meanwhile, OKX is strengthening its services in other regions. It secured licenses in Singapore and Dubai, and launched trading with local currency of Turkey.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Tradu Introduces New Crypto Exchange with Competitive Fees
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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