Crypto exchange OKX has announced its decision to cease operations in India by the end of April due to local regulations and its failure to register with the Financial Intelligence Unit India (FIU IND).

The exchange has notified its clients in India to close all margin positions and withdraw funds by April 30, as failure to comply will restrict account access to withdrawals only. This move comes as India has been strengthening the regulatory framework on cryptocurrency exchanges.

Notably, OKX was not among the cryptocurrency exchanges listed in the notice issued by the FIU IND in December. Discussions between Indian authorities and some of the exchanges that received notices indicate efforts to address regulatory concerns and explore ways for exchanges to operate legally in India.