Cryptocurrency exchange Bybit has announced that it will temporarily suspend services for users in India in response to Indian regulations.
The Dubai-based company will prevent customers in India from starting new transactions or accessing products on its platform starting Sunday. “The only exception is withdrawals,” the company said in a blog post Friday.
Outages may be short-lived. Bybit said it is working to complete its registration as a virtual digital asset service provider under Indian law and “expects the registration to be completed within the next few weeks.”
“We are committed to resuming full service once the registration process with FIU is completed,” it added.
In March 2023, India required virtual currency companies to register with the Financial Intelligence Unit (FIU), which works to combat money laundering. Providers also had to follow other processes under the Prevention of Money Laundering Act (PMLA), such as customer verification.
India’s Ministry of Finance told CoinDesk last year that the rules apply to offshore exchanges and appropriate action will be taken against non-compliant offshore platforms. CoinDesk has reached out to Bybit for comment.
