tl;dr
Bybit, the second-largest centralized exchange by daily trading volume, is temporarily halting its crypto trading services in India from January 12 at 8:00 am UTC due to changing regulatory requirements. The suspension will impact cryptocurrency trading, new account registrations, and order placemen...
Bybit, the second-largest centralized exchange by daily trading volume, 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.
Bybit cited its commitment to adhering to applicable laws and regulations as the reason for the decision. Users will still be able to withdraw funds without restrictions during the suspension.
Bybit aims to finalize its registration as a Virtual Digital Asset Service Provider in India in the coming weeks.
Bybit previously faced regulatory challenges in France and received warnings from Japan’s Financial Services Agency for operating without proper registration.
Indian authorities have been cracking down on tax compliance for cryptocurrency companies and have expressed support for banning private cryptocurrencies.
Despite regulatory challenges, India’s cryptocurrency market continues to grow and rank among the top 10 in the Global Crypto Adoption Index in 2024.