Crypto exchange OKX exiting India, asking users to withdraw funds by Apr. 30

Companies • March 21, 2024, 12:50PM EDT

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Quick Take

OKX is ceasing its operations in India.
The crypto exchange has asked users to withdraw funds by Apr. 30.

Crypto exchange OKX is shutting down its operations in India. The decision follows shortly after the Indian government blocked several offshore crypto exchange websites earlier this year, although OKX was not on that list. However, Apple and Google stores removed various crypto apps in India earlier this year, including OKX's.

"We regret to inform you that OKX is no longer providing services to users in India," OKX said in an email sent to local users on Thursday, a copy of which was obtained by The Block. The exchange attributed the move to "local regulations" and instructed users to close all margin positions, as well as positions in perpetual, futures and options. Additionally, it asked users to redeem all funds from Earn and other products and withdraw them from their accounts.

The email said users must take these actions by Apr. 30, 12 AM UTC. Following this date, OKX will restrict users' accounts, though they will still be able to withdraw funds. "Your funds will remain safe and available in your account until you withdraw them," the email reads.

OKX did not respond to The Block's request for comment.

OKX wasn't on the list

It's worth noting that OKX was not among the nine crypto websites the Indian government blocked in January of this year for "operating illegally without complying with the provisions of the PMLA [Prevention of Money Laundering Act] in India." The nine exchanges were Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global and Bitfinex.

However, following the government's actions, Apple and Google stores removed crypto exchange apps in India, including OKX's. At the time, OKX rival Binance said it would continue to work with Indian regulators to address the situation.

"The ongoing situation is not unique to Binance, and we remain committed to complying with local regulations and maintaining dialogue with regulators worldwide to ensure the continued availability of our services," Binance South Asia's X account said at the time.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.