Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.
Customers need to close out their positions by the end of April, after which they will only be able to withdraw their funds.Crypto exchange OKX notified clients in India that they have until the end of April to wind up their positions because it is ending its service in the world's most populous country as a result of local regulations.
The notice – seen by CoinDesk – told the customers they need to close all margin positions, as well as positions in perpetuals, futures and options and withdraw all funds by April 30.Digital asset service providers were brought under the country's anti-money laundering framework in March 2023. Exchanges wishing to operate in India must be registered with the Financial Intelligence Unit India and comply with the rules.
Several of the exchanges that were sent notices have entered into discussions with Indian authorities, one person familiar with the matter told CoinDesk.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
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