In a significant development for the cryptocurrency community in India, OKX, one of the major global cryptocurrency exchanges, has decided to cease its operations in the country. This decision comes in the wake of stringent local regulations that have impacted the crypto market.

According to Bitcoin News, OKX has issued a notice to its Indian users, urging them to withdraw all their funds from the platform by the end of April. The exchange highlighted the necessity for users to close all trading positions, including margin, perpetuals, futures, and options. Additionally, users are required to redeem any funds invested in the platform's financial growth products, such as Earn, Loan, and Jumpstart.

The deadline for these actions is set for April 30, at noon UTC. After this date, users' accounts will be limited solely to withdrawal functions.

This move by OKX follows actions taken by tech giants Apple and Google, who have recently removed several cryptocurrency-related applications from their app stores. The crackdown on crypto exchanges in India has been intensifying, with the country's Financial Intelligence Unit (FIU) labeling some of these exchanges as operating unlawfully within its jurisdiction.

In December of the previous year, the Indian FIU issued compliance notices to nine offshore crypto service providers. Although the Ministry of Finance disclosed that 31 crypto service providers had registered with the FIU, OKX was not among them.

It's important to note that cryptocurrencies remain unregulated in India. The Finance Minister, Nirmala Sitharaman, has clarified that cryptocurrencies cannot be recognized as currencies, hence the delay in their regulation. During the G20 meeting hosted by India last year, the nation advocated for a global regulatory framework for cryptocurrencies. The argument was that regulating cryptocurrencies in just a few countries would lead to numerous challenges.

OKX, which boasts over 50 million users worldwide, considers India as one of its primary markets. The exchange's withdrawal from India is a significant event and reflects the ongoing global discourse on the regulation of digital currencies. Users and investors in the crypto space should stay informed and compliant with local laws to navigate this evolving landscape.