Bybit India Halts Crypto Trading Amid Regulatory Challenges
Bybit, the second largest centralized exchange by daily trading volume, announced that it will temporarily cease cryptocurrency trading services in India due to changes in regulatory requirements.
The suspension will take effect on January 12 at 8:00 AM UTC and will affect cryptocurrency trading, new account registrations, and the placement of orders for various products.
Regulatory challenges facing Bybit in India
company Quote Its commitment to comply with applicable laws and regulations serves as the reason for this decision. While trading services will be suspended, the exchange confirmed that users will still be able to withdraw funds without restrictions.
“We have taken this step while continuing to work closely with regulators to complete our registration as a virtual digital asset service provider in India, which we expect to complete in the coming weeks,” Bybit wrote.
However, it is worth noting that the exchange made it clear that the suspension is temporary. This may be because it is trying to resolve regulatory issues before continuing operations.
Indian cryptocurrency influencer “Berit” said: “Bybit is working on obtaining the license and expects to complete the process in a few weeks” explain.
This is not the first time Bybit has faced regulatory challenges. August 2024, platform Cease operations in France due to regulatory pressure. At the time, Bybit said it was working to obtain the necessary licenses to resume services in the region.
In addition, the Japan Financial Services Agency recently Warn Bybit and four other international exchanges operating without proper registration.
The regulatory environment in India is becoming increasingly stringent for cryptocurrency companies. Authorities have been cracking down on tax compliance, reveals Cryptocurrency exchanges’ unpaid taxes amount to $97 million Including Binance and WazirX.
Binance reportedly owes $85 millionwhile WazirX and other entities have partially settled their tax obligations.
In recent months, Indian regulators have also expressed support for banning private cryptocurrencies such as Bitcoin and Ethereum. they are Promote Central Bank Digital Currency (CBDC) As a safer and more effective alternative to advance financial inclusion.
Officials believe the risks associated with Private digital assetsincluding stablecoins, outweigh their potential benefits.
Despite these challenges, the cryptocurrency market in India continues to grow. In 2024, the country will join the Top 10 Global Cryptocurrency Adoption Indexhighlighting the growing interest and participation of Indian users in the digital asset space.
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