Cryptocurrency exchange Bybit has announced a temporary suspension of its operations in India due to increasing regulatory pressures.
Bybit in India: Suspension of Operations
Starting from January 12, 2025, users in India will not be able to open new trades or access Bybit's products. Withdrawals will remain unaffected during this period. All trades in cryptocurrencies and fiat will no longer accept new orders. Existing derivatives positions will switch to a 'close-only' mode, allowing users to close but not adjust their positions. Deposit functionality will also be disabled.
Challenges for Bybit in India and Beyond
The decision comes amid a series of regulatory challenges faced by Bybit globally. In August 2024, the exchange ceased operations in France due to increased regulatory scrutiny. Bybit has stated it is working on obtaining a license to resume activities in the country.
Bybit's Future and Market Regulation
Bybit's temporary halt in India underscores the strict regulatory environment facing cryptocurrency exchanges worldwide. Authorities continue to impose stricter measures on the rapidly evolving digital asset space.
The temporary suspension of Bybit's operations in India highlights the challenges that cryptocurrency exchanges face amid increasingly stringent regulatory requirements worldwide.
