OKX Ceases Operations in India Amid Regulatory Pressures

OKX, a prominent cryptocurrency exchange, has announced the termination of its services in India, following compliance notices issued by the Financial Intelligence Unit (FIU) of the Indian Ministry of Finance to nine foreign crypto exchanges. Users in India were notified on March 21 to close their accounts and withdraw funds by April 30, citing local regulatory challenges as the primary cause for the decision. This move comes nearly three months after the FIU requested the Ministry of Electronics and Information Technology to block the websites of the identified crypto exchanges within a two-week timeframe.