Bybit Suspends Services in India Due to Regulatory Compliance
Bybit has announced a temporary halt of its operations in India, effective January 12th at 8 AM UTC. Indian customers will be unable to open new accounts or access trading services. The only available service will be withdrawals.
Service Restrictions
- Fiat trading, copy trading, trading bots, and P2P will be unavailable.
- Derivatives positions can only be closed.
- Transactions via Bybit card and crypto/fiat deposits are restricted.
Bybit is working with India's Financial Intelligence Unit (FIU) to secure registration as a virtual digital asset service provider. The exchange aims to resume operations shortly.
“We have taken this measure while we continue to work closely with the regulator to finalize our registration," Bybit stated.
Bybit's move follows restrictions placed on nine other crypto exchanges in India. Binance received a notice for non-compliance with anti-money laundering laws and plans to register with FIU-IND by August 2024.