In response to India's regulatory landscape, Bybit has announced a temporary suspension of its services for users in the country. The move, set to take effect on Sunday, will restrict Indian customers from opening new trades or accessing certain products on the platform, although withdrawals will still be permitted.
This halt is expected to be brief, as Bybit is in the process of finalizing its registration as a Virtual Digital Asset Service Provider under Indian law, which it anticipates completing in the coming weeks. Once registered with the Financial Intelligence Unit (FIU), the company plans to resume full services.
The registration is a requirement for crypto companies in India to comply with anti-money laundering regulations and the Prevention of Money Laundering Act (PMLA), which includes customer verification. The decision comes after India's finance ministry clarified that these regulations apply to both domestic and offshore exchanges, with non-compliant platforms facing potential action.