Crypto exchange OKX has announced it will close its services in India, just three months after receiving compliance notices from the country's Finance Ministry's Financial Intelligence Unit (FIU).
The FIU had sent notices to nine foreign cryptocurrency platforms. OKX sent a notice to Indian users on March 21, informing them to close their accounts and withdraw their funds by April 30.
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The reason given for this decision was difficulties in complying with local regulations.
The FIU had also asked the Ministry of Electronics and Information Technology to block the websites of the nine foreign cryptocurrency exchanges within two weeks of the notice.
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In order to comply with the regulation, OKX had implemented a new registration process with strict "know your customer" checks.
However, the notice sent to users suggests that the platform will stop operating in India.