Crypto 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 prevent 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 blog 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 Indian law, “which we expect to secure in the coming weeks.”
“We are committed to resuming full service as soon as we have completed our registration process with FIU,” it added.
In March 2023, India mandated crypto companies to register with the Financial Intelligence Unit (FIU), which handles anti-money laundering issues. Providers also had to comply with other processes under the Prevention of Money Laundering Act (PMLA), such as verifying customers.
India’s Ministry of Finance told CoinDesk last year that the rules for offshore exchanges and appropriate action would be taken against non-compliant off-shore platforms. CoinDesk contacted Bybit for comment.
