#Bybit suspends services in India#

Cryptocurrency exchange Bybit has announced the suspension of its services in India due to the country's regulatory rules for the cryptocurrency industry. Bybit said it will prohibit Indian customers from opening new trades or accessing products on the platform starting Sunday, but withdrawals will not be affected. The suspension is likely temporary, as Bybit is working to complete its registration as a Virtual Digital Asset Service Provider in India, 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 service. In March this year, the Indian government required cryptocurrency companies to register with the FIU and comply with other processes under the Prevention of Money Laundering Act, such as Know Your Customer (KYC) verification. This rule also applies to offshore exchanges, and the Indian Ministry of Finance has said it will take action against non-compliant offshore platforms. Bybit's suspension of services demonstrates the exchange's respect for the Indian regulatory environment and its commitment to complying with local laws.