The crypto exchange Bybit is temporarily pausing its cryptocurrency trading services in India due to regulatory pressure from the authorities.
Regulatory Pressure in India
Starting January 12, Bybit will restrict most of its services in India, including cryptocurrency trading, opening new accounts, and placing orders via other exchange products. This decision aligns with their objective to operate under full compliance with applicable rules and regulations.
Bybit Operational Changes
Despite these restrictions, user fund withdrawals will remain unaffected. Bybit emphasizes that these measures aim to comply with regulatory requirements.
Regulatory Pressure in Europe
Beyond India, Bybit has faced pressure in Europe. In August 2024, the exchange ceased its operations in France, as it is pursuing a license to resume operations.
Bybit is encountering increasing regulatory pressure across different regions, prompting the exchange to adjust its services in accordance with local regulations.
