Cryptocurrency exchange Bybit said it will temporarily suspend its services to its users in India in response to regulation in the country.
The Dubai-based company intends to block its customers in India from being able to open new trades or access products on the platform from Sunday. “The only exception will be withdrawals,” the company said. In a post on Friday.
The stop may be short-lived. Bybit said it is working to finalize its registration as a virtual digital asset service provider under India’s law, “which we expect to secure in the coming weeks.”
She added: “We are committed to resuming full service once the registration process with the Financial Intelligence Unit is completed.”
in In March 2023, India made it mandatory for cryptocurrency companies to register with the Financial Intelligence Unit (FIU) which addresses anti-money laundering issues. Service providers also have to comply with other processes under the Prevention of Money Laundering Act (PMLA) such as customer verification.
Indian Ministry of Finance She told CoinDesk last year that the rules apply to offshore exchanges Appropriate action will be taken against non-compliant offshore platforms. CoinDesk has reached out to Bybit for comment.
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