OKX Halts Operations in India due to Regulatory Hurdles
Amidst an more and more difficult regulatory setting, the cryptocurrency alternate OKX has made the choice to terminate its providers in India. This important transfer is available in response to compliance notices issued by the Monetary Intelligence Unit (FIU) of the Indian Ministry of Finance to 9 overseas crypto exchanges, together with OKX. On March 21, OKX issued a communication to its Indian customers, advising them to shut their accounts and withdraw their funds previous to the top of April. The first motive for this drastic motion is the extraordinary regulatory scrutiny within the nation. Upon receiving the FIU’s request, the Ministry of Electronics and Data Know-how was given the duty of blocking the web sites of the impacted crypto exchanges inside two weeks of the discover. The phrase ‘OKX terminates providers’ is a stark reflection of the present situation in India’s cryptocurrency market, because it continues to grapple with regulatory points.
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