OKX Halts Operations in India due to Regulatory Hurdles
Amidst an more and more difficult regulatory setting, the cryptocurrency change OKX has made the choice to terminate its providers in India. This vital 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 tip of April. The first purpose for this drastic motion is the extreme regulatory scrutiny within the nation. Upon receiving the FIU’s request, the Ministry of Electronics and Info Expertise was given the accountability 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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