Bybit crypto exchange is temporarily pausing its crypto trading services in India due to regulatory pressure.
Bybit will be restricting most of its services, including cryptocurrency trading, opening new accounts and placing orders via other exchange products, starting Jan. 12, 8:00 am UTC.
The decision was due to Bybit’s objective to operate in “full compliance with all applicable rules and regulations,” the exchange wrote in a Jan. 10 announcement, adding:
“Due to recent developments from Indian regulators and in continuation of previously implemented restrictions… Indian users will temporarily be unable to open new trades or access any products on the Bybit platform.”
However, user fund withdrawals will not be affected, added the announcement.
Bybit has also been facing regulatory pressure in Europe. In August 2024, Bybit ended its operations in France, due to regulatory pressure. The exchange said it is pursuing a license in the country, which will allow it to resume operations.
Cointelegraph has approached Bybit for comment.
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This is a developing story, and further information will be added as it becomes available.
