Nikolas Sargeant
Global crypto exchange Bybit has announced the temporary suspension of its trading services in India, effective from January 12 at 8:00 AM UTC, citing increasing regulatory challenges. The suspension will include restrictions on cryptocurrency trading, account openings, and placing orders across Bybit's platform. In its announcement, the company emphasized its commitment to operating in full compliance with local regulations. Despite the halt in services, Bybit clarified that Indian users will still be able to withdraw funds from their accounts during this period. The decision follows mounting pressure from Indian regulators regarding crypto operations in the country.
Bybit Faces Increased Scrutiny in Other Markets
This suspension in India comes as Bybit faces similar regulatory challenges in other regions. Recently, Malaysia's Securities Commission (SC) ordered Bybit to halt its local operations due to registration failures. The exchange was given a 14-day deadline to suspend its website, mobile app, and other digital platforms in the country. Bybit has complied with this order, which also includes a ban on advertising to Malaysian investors. Despite these setbacks, Bybit continues to pursue regulatory approval in key markets, including plans to expand its presence in Europe and Asia.
