4 hours ago
Crypto exchange Bybit said it will temporarily suspend its services for its users in India in response to regulation in the country. The Dubai based company intends to prevent its customers in India from being able to open new trades or access products on the platform from Sunday. "The only exception will be withdrawals," the company said in a blog post on Friday. The stoppage may be short-lived. Bybit said it is working to finalize its registration as a Virtual Digital Asset Service Provider under India law, "which we expect to secure in the coming weeks." "We are committed to resuming full service as soon as we have completed our registration process with the FIU," it added. In March 2023, India mandated that crypto companies would have to register with the Financial Intelligence Unit (FIU) that tackles anti-money laundering matters. Providers also had to comply with other processes under the Prevention of Money Laundering Act (PMLA) such as verifying customers. India`s finance ministry told CoinDesk last year that the rules applied to offshore exchanges and appropriate action would be taken against non-compliant off-shore platforms. CoinDesk reached out to Bybit for a comment.
CoinDesk
You can visit the page to read the article.
Source: CoinDesk
Tags :
Policy Regulation Bybit India
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Arbitrum’s BoLD Proposal Achieves 99.79% Support, Paving the Way for Enhanced Permissionless Validation Solutions
The introduction of the BoLD protocol is poised to revolutionize challenge resolution within the Arbitrum ecosystem, addressing critical security concerns. Despite a high approval rate, voter participation in the BoLD CoinDesk
Court Throws Out Welsh Bitcoin Miner’s Case To Recover BTC Hard Drive Worth $612,711,194 From Landfill: Report
A British judge has rejected a Welsh IT worker’s bid to search a landfill for a discarded hard drive containing Bitcoin ( BTC ) worth over $600 million, ending a 12-year quest to recover the lost cryptocurrency. According to a new report from the BBC, James Howells lost the device containing 8,000 Bitcoin during a 2013 house cleanup in Newport, Wales, when he mistakenly threw away the wrong hard drive. The BTC on the hard drive, which Howells mined in 2009 during cryptocurrency’s early days, has skyrocketed in value since then. Despite offering to share the recovered funds with the local community and presenting detailed environmental safety plans, Howells failed to convince Newport City Council to permit a search of the landfill where the hard drive is believed to be buried. The council maintained that excavating the site would pose significant environmental hazards, including the potential release of harmful materials. Officials also questioned the likelihood of finding an intact hard drive after years of exposure to the elements. According to the report, the court’s dismissal cited a lack of reasonable grounds for success in Howells’ case. The ruling marks the end of his efforts to recover what would be one of the largest lost cryptocurrency fortunes in history. Don`t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Court Throws Out Welsh Bitcoin Miner’s Case To Recover BTC Hard Drive Worth $612,711,194 From Landfill: Report appeared first on The Daily Hodl . CoinDesk
