#Bybit suspends services in India#
Hot Topic Overview
Overview
Cryptocurrency exchange Bybit has announced that it will be suspending its services in India to comply with the country's regulatory requirements. Bybit said that starting Sunday, Indian users will not be able to open new trades or access products on the platform, but will be able to withdraw funds. The suspension of services may be temporary, as Bybit is working to complete its registration as a virtual digital asset service provider, which is expected to be completed in the coming weeks. Once the registration process with the Financial Intelligence Unit (FIU) is complete, Bybit will immediately resume full services. India in March this year required cryptocurrency companies to register with the FIU and comply with the Prevention of Money Laundering Act (PMLA).
Ace Hot Topic Analysis
Analysis
Bybit's suspension of services in India is due to the Indian government's regulatory requirements for cryptocurrency exchanges. According to the Indian Ministry of Finance, cryptocurrency companies must register with the Financial Intelligence Unit (FIU) and comply with the Prevention of Money Laundering Act (PMLA) regulations, such as Know Your Customer (KYC) verification. To comply with these regulations, Bybit has temporarily suspended services for Indian users, including prohibiting its Indian customers from opening new trades or accessing products on the platform, but allowing withdrawals. Bybit stated that it is working to complete its registration as a Virtual Digital Asset Service Provider, which is expected to be completed in the coming weeks. Once the registration process is complete, Bybit will immediately resume full services.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bybit suspends services in India to comply with India's cryptocurrency regulatory requirements.
Bybit is working to complete its registration with the Financial Intelligence Unit (FIU) of India to qualify as a Virtual Digital Asset Service Provider.
Bybit currently only allows Indian users to withdraw funds and expects to resume full services in the coming weeks after completing registration.
The Indian government requires cryptocurrency companies to register with the FIU and comply with the Prevention of Money Laundering Act (PMLA) regulations, including Know Your Customer (KYC) verification.