Crypto Exchange Bybit to Temporarily Suspend Operations in India
Crypto exchange Bybit announced it will temporarily suspend services for users in India starting Sunday, citing regulatory compliance as the reason. This suspension will prevent customers from opening new trades or accessing products on the platform, although withdrawals will remain permitted. Bybit, which is based in Dubai, is currently working on securing registration as a Virtual Digital Asset Service Provider under Indian law, a process it anticipates completing in the coming weeks. The company expressed its commitment to resuming full operations post-registration with the Financial Intelligence Unit (FIU) of India, which is focused on anti-money laundering measures. Additionally, there are warnings from India's finance ministry regarding appropriate actions against non-compliant offshore platforms, indicating a push for tighter regulations in the crypto sector. Bybit's decision reflects the ongoing regulatory challenges in India related to cryptocurrency trading and operations.
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