Crypto Exchanges OKX Ends Operations in India

Fazzaco learned that OKX, one of the biggest crypto exchanges by trading volume, is winding down its operations in India, citing local regulations.

This comes about three months after India blocked access to nine crypto firms, including Binance, Kraken, HTX, Kucoin, Bittrex, Gate.io, Bitstamp, Bitfinex and MEXC Global.

OKX sent a notice to its uers today (March 21), stating, "We regret to inform you that OKX is no longer providing services to the users in India."

The firm asked its clients to close all margin positions, redeem all funds, and withdraw all funds from their accounts before April 30, 2024, 12am UTC. After that date, the exchange will restrict users' accounts. But customers will still be able to withdraw funds.

"Your funds will remain safe and available in your account until you withdraw them," the exchange added.

Besides, OKX is ending its support of digital currencies traded against Tether Holdings Ltd's USDT token​ for users based in the European Economic Area.

In February, Fazzaco reported that popular trading applications MetaTrader 4 (MT4) and MetaTrader 5 (MT5)​ have experienced accessibility issues in India.