OKX suspends operations in India due to regulatory concerns.

OKX has informed its Indian users about the suspension of its services in the country due to regulatory issues. Users have been instructed to close all margin positions, including perpetuals, futures, and options, and to withdraw all funds by April 30.

A notification on OKX's website stated that the exchange is currently unavailable in India due to local laws and regulations. The decision follows show-cause notices sent by the finance ministry to OKX and other offshore exchanges for operating unlawfully in India.

The exchanges were accused of non-compliance with India's anti-money laundering laws, including failure to register with the Financial Intelligence Unit-India (FIU-IND) and adhere to provisions outlined in the Prevention of Money Laundering Act (PMLA), 2002.

While OKX services remain accessible outside India, users within the country are urged to withdraw their funds before the specified deadline. The recent regulatory challenges have added to the strain on the Indian crypto ecosystem, leading to layoffs and operational closures in some cases.

Coinbase, another prominent exchange, discontinued its services for Indian users last year, citing non-compliance with the company's updated standards. Indian crypto exchanges, however, have experienced increased demand following Bitcoin's recent rally, with trading volumes surging significantly since February.