Crypto exchange Bybit has announced that it will temporarily suspend its services for its users in India in response to current regulations in the country.
The Dubai-based company intends to prevent its customers in India from being able to open new transactions or access products on the platform from Sunday. “The only exception will be withdrawals,” the company said. in a blog post Friday.
The shutdown could be short-lived. Bybit said it was working to finalize its registration as a virtual digital asset service provider under Indian law, “which we expect to obtain in the coming weeks.”
“We are committed to resuming full service as soon as we have completed our registration process with the FIU,” the text adds.
In March 2023, India required crypto companies to register with the Financial Intelligence Unit (FIU) which tackles anti-money laundering issues. Suppliers also had to comply with other processes under the Prevention of Money Laundering Act (PMLA), such as customer verification.
India’s Finance Ministry told CoinDesk last year that the rules applied to offshore exchanges and appropriate action would be taken against non-compliant offshore platforms. CoinDesk has contacted Bybit for comment.
