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Leading cryptocurrency exchange OKX has notified its Indian clients that they must cancel their holdings by the end of April due to changing legal requirements in the nation. This decision is made in the midst of increased local government monitoring of suppliers of digital asset services.
OKX has directed its Indian clients to liquidate all margin holdings, including with positions in perpetuals, futures, and options, and to remove all cash by April 30, per a message acquired. Users’ account activity will be restricted to withdrawals solely in the event that they don’t comply.
The move by OKX follows the inclusion of digital asset service providers under India’s anti-money laundering framework in March 2023. To operate legally in the country, exchanges must register with the Financial Intelligence Unit India (FIU IND) and adhere to regulatory guidelines. However, as of the end of 2023, OKX had not completed this registration process, unlike 28 other companies.
India has been working harder to stop cryptocurrency exchanges operating without the required license. Nine exchanges, including well-known brands like Binance, Kraken, and MEXC Global, were sent with notifications by the FIU IND in December after it was determined that they were operating unlawfully. Notably, OKX was not included in the notice’s list of exchanges.
Several exchanges that got letters have started talks with Indian authorities, according to people familiar with the situation, in an effort to resolve regulatory issues and guarantee local laws are followed.