Crypto Exchange OKX Shuts India Services Blaming Local Rules

Cryptocurrency exchange OKX informed users in India that it is ceasing operations in the country, citing local regulations, in an email on Thursday.

• “We recently sent an email to customers in India who had historical CeFi accounts on OKX, and we are helping them close out those accounts,” OKX told Bloomberg.
• This decision was made in response to the recent introduction of new local regulations targeting offshore exchanges, OKX said.
• In December last year, Indian authorities issued so-called compliance show-cause notices to nine offshore platforms including Binance, Kraken, KuCoin and Huobi. The exchanges could either comply with local anti-money laundering ...