OKX officially decides to shut down the crypto business in India, Urges customers withdraw funds

Finally, OKX crypto exchange decided to wind down all kinds of crypto services from the Indian crypto market.

OKX is an averagely popular crypto exchange in the Indian crypto market. For the last two years, the majority of the crypto exchanges were trading their crypto assets on foreign crypto trade platforms, as there was no TDS cut system. Just a couple of months ago, the Indian FIU body imposed restrictions on the access of many crypto exchanges Binance, Huobi, Kraken, Gate.io, Kucoin, Bitstamp, MEXC Global, Bittrex and Bitfenex. At the time many people assumed that OKX was not on that list.

In the first week of March of this year, OKX terminated crypto services temporarily citing regulatory pressure, as a part of FIU’s crackdown against non-compliant crypto exchanges.

Today all the Indian OKX platform users received an email from the OKX exchange over the restricted crypto services in the Indian Jurisdiction. 

The OKX team officially confirmed that they are going to wind down their business from the Indian crypto market and urged all the customers to close all trading orders as well as withdraw funds from the platform. 

As per the email, OKX Indian customers have only time till 30 April 2024 and after that customers will be able to withdraw only funds, while all the other services will be unavailable.

However many people are badly criticizing the Indian government for such strict actions against crypto exchanges but many crypto influencers supported enforcement actions against foreign crypto platforms because no one foreign crypto platform was following the necessary measures to comply with Indian crypto laws which aimed to track users financial activities to catch the bad actors. 

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