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Cryptocurrency exchange OKX will stop its services to users in India, it said in an email to customers on Thursday, advising them to withdraw their funds by the end of April.
The move comes on the heels of Apple and Google pulling the app named OKX in the country after an Indian government agency said several cryptocurrency exchanges were operating illegally in the South Asian market.
The Financial Intelligence Unit, a government agency, named Binance, Kraken, Huobi and Gate.io among the apps operating “illegally” in India but did not name OKX in its report. Public statement.
OKX advised clients in India to close all their active margin positions and withdraw all funds by April 30. The cryptocurrency exchange cited “local regulations” for its actions.
Cryptocurrencies were brought under the ambit of India’s anti-money laundering and countering the financing of terrorism framework in March last year. Dozens of companies — including local exchanges CoinSwitch and CoinDCX — had registered with the FIU, but many international exchanges remained in non-compliance with the law, the FIU said late last year.
Many traders in India have flocked to global cryptocurrency platforms in an apparent move to evade taxes. India began taxing virtual currencies in 2022, imposing a 30% tax on gains and a 1% rebate on each cryptocurrency transaction.
While cryptocurrency exchanges in India have continued to require strict KYC checks before onboarding new users, the same has not been true in many global platforms. Coinbase stopped registering consumers in India last year.
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