#Bybit suspends services in India#
Hot Topic Overview
Overview
Cryptocurrency exchange Bybit has announced that it will be suspending its services in India to comply with the Indian government's regulatory requirements. Under new rules issued in March, cryptocurrency companies must register with the Financial Intelligence Unit (FIU) and comply with the Prevention of Money Laundering Act (PMLA). Bybit said it is working to complete the registration process, which is expected to be completed in the coming weeks. The suspension of services may be temporary, and Bybit has pledged to resume full services immediately upon completion of registration.
Ace Hot Topic Analysis
Analysis
Cryptocurrency exchange Bybit has announced the suspension of its services in India, citing the country's latest cryptocurrency regulatory rules. Bybit is working to complete its registration with the Financial Intelligence Unit (FIU) of India to comply with the regulations issued by the Indian government in March 2023, which require cryptocurrency companies to register with the FIU and comply with the Prevention of Money Laundering Act (PMLA). Bybit stated that the service suspension is temporary and full services are expected to resume immediately upon completion of the registration process. This move demonstrates Bybit's commitment to complying with India's regulatory requirements and indicates the exchange's efforts to adapt to the evolving cryptocurrency regulatory landscape globally.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Bybit suspends services in India to comply with India's cryptocurrency regulatory requirements.
Bybit is working to complete its registration with the Financial Intelligence Unit (FIU) of India to qualify as a Virtual Digital Asset Service Provider.
Bybit plans to resume full services in India immediately upon completion of registration.
The Indian government requires cryptocurrency companies to register with the FIU and comply with the Prevention of Money Laundering Act (PMLA).