Due to the tightening regulatory environment surrounding cryptocurrencies in India, OKX, the second largest offshore exchange, has issued a notice to its Indian user base.
OKX Asks Indian Users to Close Their Accounts Due to Regulatory Pressure
The exchange has instructed users to close their accounts and withdraw their funds by April 30, marking a significant development nearly three months after the Financial Intelligence Unit (FIU), a unit of India's Ministry of Finance, issued non-compliance notices to nine foreign crypto exchanges.
OKX's order underscores the increasing pressure faced by offshore exchanges operating in India's cryptocurrency landscape.
The FIU's notice of non-compliance to multiple foreign crypto exchanges serves as a clear indication of the Indian government's scrutiny on crypto-related activities and its commitment to regulatory frameworks.
This move is in line with the exchange's commitment to compliance and regulatory adherence amid increased regulatory scrutiny globally.
The deadline set by OKX for Indian users to close their accounts and redeem their funds by April 30 adds urgency to the situation.
Users are advised to take immediate action to ensure smooth closure of their accounts and withdrawal of funds within the stipulated time.
*This is not investment advice.
