Bybit Temporarily Suspends Services for Users in India Due to Regulations
Bybit will temporarily suspend services for users in India due to regulatory developments. Key points include:
- Effective Sunday, users cannot open new trades or access products, with withdrawals being the only exception.
- Bybit is finalizing its registration as a Virtual Digital Asset Service Provider under Indian law, expected soon.
- The company aims to resume full services after completing registration with the Financial Intelligence Unit (FIU).
- India's regulations require crypto firms to register with the FIU and comply with the Prevention of Money Laundering Act (PMLA).
Regulatory compliance affects offshore exchanges, with enforcement actions anticipated against non-compliant platforms.