OKX Cryptocurrency Exchange Halts Operations in India Due to Regulatory Challenges
Summary:
The cryptocurrency exchange OKX is shutting down its operations in India due to regulatory challenges, following a non-compliance notice from the Financial Intelligence Unit (FIU). The notice was originally issued about three months ago to nine international crypto exchanges. The exchange has urged Indian users to close their accounts and withdraw funds by April 30. Despite attempts to navigate the regulatory hurdles with tough Know Your Customer (KYC) signups, the company has been unable to overcome these obstacles. The story is still developing.
The cryptocurrency trade platform OKX is discontinuing its operations in India following a non-compliance notice issued approximately three months ago by the Financial Intelligence Unit (FIU), a sector of the Indian Finance Ministry, towards nine international crypto exchanges. On March 21st, OKX advised its Indian user base to finalize their accounts and withdraw assets by April 30th. They attributed their decision largely to challenging domestic regulations. The FIU, having informed the Ministry of Electronics and Information Technology, ordered that the digital platforms of these mentioned crypto exchanges be blocked within a fortnight of the notice. Subsequent to the blockage of their online site and application, OKX began a fresh registration venture, mandating stringent Know Your Customer (KYC) procedures. Despite these measures, their recent communique indicates that the initial plan was insufficient in overcoming regulatory obstacles in India. Efforts have been made to contact OKX for a statement, however, a response is yet to be received. This report is ongoing with more details to be included as they come to light.
Published At
3/21/2024 1:02:08 PM
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