Victor EzejaOne of the major cryptocurrency exchanges, Okx, has informed users in India that the platform will shutdown services in the country.
Okx said the decision to shutdown was due to unfavorable regulations put in place by the Indian government in recent times.
Join our WhatsApp ChannelThe platform consequently advised Indian users to “withdraw all funds” from their accounts by the end of April.
“We regret to inform you that Okx is no longer providing services to users in India,” the crypto exchange platform said in a notice to users on Thursday.
It added that users must also “close all margin positions, as well as positions in perpetuals, futures, and options” and “redeem all funds from Grow products: Earn, Loan, Jumpstart.” “These steps must be completed by April 30 at 12 a.m. UTC,” Okx stated.
It further disclosed that users’ accounts will be restricted to withdrawals after the April 30 date.
India has not been regulating crypto sassets in the country.
According to reports, India’s Finance Minister, Nirmala Sitharaman, recently said that crypto assets cannot be currencies, and that they can’t be regulated now in the country.
India’s Financial Intelligence Unit (FIU) had late last year, flagged a couple of crypto exchange platforms as operating illegally in the country.
This was followed by the removal of several crypto apps by Google and Apple from their stores.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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