OKX, a prominent cryptocurrency exchange, has recently announced the decision to cease its services in India. The exchange has faced regulatory challenges in the country, leading to the difficult choice to halt operations. As a result, Indian users of OKX are required to close their accounts and withdraw any remaining funds by April 30th.
The move comes as a response to pressure from the Financial Intelligence Unit (FIU) in India. The regulatory body has been tightening its grip on cryptocurrency exchanges in an effort to combat money laundering and other illicit activities. OKX's decision to exit the Indian market is a reflection of the increasingly stringent regulatory environment surrounding cryptocurrencies in the country.
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