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Cryptocurrency change OKX has knowledgeable its purchasers that it’ll not provide companies in India. Clients are required to shut their positions by the tip of April, after which they’ll solely withdraw their funds. The change cited regulatory concerns within the nation as the rationale for this resolution.
In a discover, OKX knowledgeable its Indian purchasers that they have to shut all margin positions, in addition to positions in perpetual, futures, and choices, and withdraw all funds by April 30. The discover acknowledged that after this date, accounts will likely be restricted to withdrawals solely.
India introduced digital asset service suppliers beneath its anti-money laundering framework in March 2023. Exchanges aspiring to function within the nation are required to register with the Monetary Intelligence Unit India (FIU IND) and cling to regulatory tips. Nevertheless, as of the tip of 2023, OKX had not accomplished this registration course of.
The Indian authorities has been cracking down on exchanges working illegally inside its borders. In December, the FIU IND issued notices to 9 exchanges deemed to be working illegally, together with Binance, Kraken, and MEXC World. Notably, OKX ought to have been included on this listing.
In keeping with sources conversant in the matter, a number of of the exchanges that obtained notices have engaged in discussions with Indian authorities to resolve the scenario.
Featured Picture: Freepik
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