OKX management has sent a notice to Indian traders asking them to close margin positions and also complete all trades related to cryptocurrency derivatives, futures and options. Indian clients of the exchange must also withdraw funds used in the OKX Earn, Loan and Jumpstart programs.
After April 30, Indian user accounts will be blocked. It will remain possible to withdraw funds from the exchange, but other functions will no longer be available. All these measures are related to the new requirements of the Indian authorities, OKX explained.
The exchange's notice comes three months after India's Finance Ministry's Financial Intelligence Unit warned about several large crypto exchanges operating in the country without authorization and potentially violating anti-money laundering (AML) regulations. The agency called on Indian traders to stop trading on the Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex exchanges, and also demanded that the Ministry of Electronics and Information Technology block the websites of these exchanges. Binance management tried to negotiate with the Indian government on this matter, but the authorities refused to lift the block on the Binance website.
In February, OKX left the Uzbekistan market without explaining the reasons, and a few days ago it stopped trading USDT stablecoins in the Eurozone.
Source: Bits
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