The cryptocurrency exchange OKX has announced the cessation of services for users from India. Indian customers are advised to withdraw their funds by April 30, 2024. Due to new requirements from Indian authorities, OKX has sent a notification to its Indian clients requesting to close all margin positions and complete transactions related to cryptocurrency derivatives, futures, and options. Users are also required to withdraw funds involved in OKX Earn, Loan, and Jumpstart programs.

After the specified date, the accounts of Indian users will be blocked, allowing only fund withdrawals, while access to other functionalities will be closed. This decision was made in response to new regulatory requirements in India.

The exchange's notification came three months after the Financial Intelligence Unit of the Indian Ministry of Finance warned about the activities of several major crypto exchanges operating in the country without proper authorization and potentially violating anti-money laundering rules. The agency urged Indian traders to avoid trading on platforms such as Binance, KuCoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, and demanded that the Ministry of Electronics and Information Technology block access to their websites. Attempts by Binance to negotiate with the Indian government were unsuccessful, and the authorities refused to lift the block on the exchange's website.

Earlier in February, OKX left the Uzbekistan market without explanation, and recently ceased trading stablecoins USDT in the Eurozone.