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COINTURK NEWS > Cryptocurrency Exchanges > Bybit Halts Services in India, Navigating Regulatory Challenges
Cryptocurrency Exchanges

Bybit Halts Services in India, Navigating Regulatory Challenges

In Brief

  • Bybit temporarily suspends services for Indian users due to regulatory issues.

  • The company is working to comply with Indian financial regulations.

  • India's regulations aim to increase transparency in the cryptocurrency market.

İlayda Peker
İlayda Peker 4 months ago
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Dubai-based cryptocurrency exchange Bybit has announced a temporary halt of its services for users in India. The company stated that it would prevent users from initiating new transactions or accessing products on the platform in response to regulatory developments in the country. Only withdrawal transactions will be permitted during this period.

Contents
Reasons Behind Service SuspensionRegulatory Landscape in India

Reasons Behind Service Suspension

Bybit indicated that the primary reason for the suspension of services for Indian users relates to regulations within the country. The company is actively working to obtain the necessary permissions from Indian financial regulators.

Bybit is attempting to complete its registration as a Virtual Digital Asset Service Provider under Indian law. The company expects to secure this registration within the coming weeks.

Regulatory Landscape in India

In March 2023, India mandated that cryptocurrency firms register with the Financial Intelligence Unit (FIU). Providers are also required to comply with other processes, such as customer verification. The Indian Ministry of Finance has stated that these rules apply to overseas exchanges, with necessary actions taken against non-compliant platforms.

Bybit’s suspension of services is viewed as part of the regulatory compliance process in India. The company aims to complete its registration to resume full services.

The cryptocurrency market in India continues to take various steps to align with regulations. International exchanges like Bybit are expected to play an active role in this process.

Lastly, India’s cryptocurrency regulations have initiated a significant compliance process for companies operating in the sector. These regulations aim to enhance transparency in the country’s financial system.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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İlayda Peker 11 January, 2025 - 4:15 pm 11 January, 2025 - 4:15 pm
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