Bybit Temporarily Suspends Services for Indian Users Due to Regulation

Background

Crypto exchange Bybit has announced that it will temporarily suspend its services for users in India in response to the country’s recent regulation. The Dubai-based company intends to prevent its customers in India from opening new trades or accessing products on the platform from Sunday. However, withdrawals will still be available.

Reason for Suspension

The suspension is a result of India’s new regulations, which require crypto companies to register with the Financial Intelligence Unit (FIU) and comply with anti-money laundering (AML) and know-your-customer (KYC) requirements. Bybit is working to finalize its registration as a Virtual Digital Asset Service Provider under Indian law, which it expects to secure in the coming weeks.

Impact on Users

The suspension may be short-lived, as Bybit aims to resume full service as soon as it has completed its registration process with the FIU. However, users in India will not be able to open new trades or access products on the platform during this time. Withdrawals will still be available, allowing users to access their funds.

India’s Crypto Regulation

In March 2023, India mandated that crypto companies would have to register with the FIU and comply with AML and KYC requirements. The regulations aim to prevent money laundering and terrorist financing, as well as ensure the integrity of the crypto market.

Bybit’s Commitment to Compliance

Bybit is committed to complying with Indian regulations and has been working to finalize its registration as a Virtual Digital Asset Service Provider. The company aims to resume full service as soon as possible and is committed to providing a secure and reliable trading experience for its users.

Conclusion

Bybit’s temporary suspension of services for Indian users is a result of the country’s new regulations, which aim to ensure the integrity of the crypto market. The company is working to finalize its registration as a Virtual Digital Asset Service Provider and aims to resume full service as soon as possible. Users in India will not be able to open new trades or access products on the platform during this time, but withdrawals will still be available.

FAQs

Q: Why is Bybit suspending its services for Indian users?

A: Bybit is suspending its services for Indian users due to India’s new regulations, which require crypto companies to register with the Financial Intelligence Unit (FIU) and comply with anti-money laundering (AML) and know-your-customer (KYC) requirements.

Q: Will users in India still be able to access their funds?

A: Yes, users in India will still be able to access their funds through withdrawals.

Q: How long will the suspension last?

A: The suspension is expected to be short-lived, as Bybit aims to resume full service as soon as it has completed its registration process with the FIU.

Q: What is Bybit doing to comply with Indian regulations?

A: Bybit is working to finalize its registration as a Virtual Digital Asset Service Provider under Indian law and is committed to complying with AML and KYC requirements.

Q: Will Bybit resume full service once it has completed its registration?

A: Yes, Bybit aims to resume full service as soon as it has completed its registration process with the FIU.