Popular cryptocurrency exchange Bybit has resolved to temporarily suspend its operations in India. This suspension is set to begin on January 12 from 8 a.m. UTC. According to the statement from Bybit, Indian customers would be unable to make fiat trades, open new accounts, or access any other products on the platform from the said date.
The full statement read:
“Due to recent developments from Indian regulators and in continuation of previously implemented restrictions. Indian users will temporarily be unable to open new trades or access any products on the Bybit platform.’’
According to the announcement, while trading services would be halted, users would still be able to withdraw funds. Interestingly, this is not the first time Bybit is experiencing regulatory problems. Bybit faced regulatory problems in Europe where it had to cease operations in France due to regulatory pressure. However, the exchange said it was working to obtain a license in the country which would allow it to commence operations in due time. On a statement shared on Jan 10, Bybit assured users that it would continue to work with the regulators to obtain its license and finalize its registration as a digital asset service provider in India.
Bybit’s Regulatory Inconsistencies
This decision comes after the global crypto exchange was asked to cease operations in Malaysia by the country’s securities commission. Bybit was accused of operating an unregistered cryptocurrency exchange. The regulatory body directed the Bybit CEO, Ben Zhou to ensure the exchange complies with the directives and regulations. However, Bybit has long complied, making it public in an announcement made on December 27th.
The platform apologized for the temporary suspension, stating that operations would commence fully once the registration process had been completed.
“We apologize for any inconveniences this may cause and sincerely appreciate your understanding,” said Bybit in their statement. “We are committed to resuming full service as soon as we have completed our registration process with the FIU.”
The FIU is responsible for overseeing trades and ensuring compliance. Under current regulations, all crypto platforms are to register FIU to operate in India.
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