JAKARTA - The leading digital asset trading platform, Bybit, has announced a temporary suspension of its operations in India. Starting January 12 at 15.00 WIB, customers in the country cannot open new accounts, trade or access any services provided by crypto exchanges Bybit.
This decision was taken by Bybit to comply with the policies and regulations set by local authorities. The only service that remains active for users in India is the withdrawal of funds.
Services such as fiat trading, copy trading, trading bots, and P2P will be limited, while derivative positions can only be closed without the new opening option. In addition, all transactions with Bybit cards will be terminated, and crypto deposits and fiat will be blocked.
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Bybit confirmed that this termination is temporary and is currently working with India's Financial Intelligence Unit (FIU) to obtain a permit as a provider of virtual digital asset services. The company hopes to complete this registration process in the coming weeks and continue its operations in India.
Previously, on January 8, Bybit also stopped withdrawal and deposit services for all users in France after failing to register as a Digital Asset Service Provider (DASP) with local regulators.
A similar situation is experienced by several other crypto exchanges. In 2023, Indian authorities limited access to nine crypto exchanges, including Kucoin, Huobi, Kraken, Gate.io, Bittrex, Bitstamp, MEXC Global, and Bitfinex, by asking the Ministry of Electronics and Information Technology (Meity) to block their websites.
Binance, the world's largest digital asset trading platform, received a notification from India's finance ministry for not complying with anti-money laundering laws in the country. As a result, in August 2024, the crypto exchange founded by Changpeng Zhao finally registered and managed to get the green light from local regulators.
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