Bybit, the second-largest centralized exchange by daily trading volume, announced that it will temporarily halt its crypto trading services in India due to changing regulatory requirements. 

The suspension will take effect on January 12 at 8:00 am UTC and will impact cryptocurrency trading, new account registrations, and order placements across various products.

Regulatory Challenges for Bybit India

The company cited its commitment to adhering to applicable laws and regulations as the reason for the decision. While trading services will pause, the exchange confirmed that users will still be able to withdraw funds without restrictions.

“We have taken this measure while we continue to work closely with the regulator to finalize our registration as a Virtual Digital Asset Service Provider in India, which we expect to secure in the coming weeks,” Bybit wrote. 

However, it’s important to note that the exchange specifically claimed this suspension was temporary. This could be because it’s attempting to resolve the regulatory issues before continuing operations.

“Bybit is working to obtain a license and expects to finalize the process within a few weeks,” an Indian crypto influencer ‘Berit’ said. 

This is not the first time Bybit has faced regulatory challenges. In August 2024, the platform stopped operations in France due to regulatory pressure. At the time, Bybit stated it was working toward obtaining the necessary license to resume services in the region.  

Additionally, Japan’s Financial Services Agency recently Go to Source to See Full Article
Author: Mohammad Shahid