Due to shifting regulatory demands, Bybit – the second-largest cryptocurrency exchange in terms of daily trading volume – has decided to temporarily suspend its crypto trading operations in India.
Starting from January 12th at 8:00 am UTC, the suspension will be enforced, affecting cryptocurrency trades, opening of new accounts, and order submissions across multiple product categories.
Regulatory Challenges for Bybit India
The business explained their decision by emphasizing their dedication to following all relevant legal guidelines and rules. Although transactions are temporarily halted, the platform assured its users that they can continue to withdraw their funds freely.
While we’re still coordinating with the regulatory body for our final approval as a Virtual Digital Asset Service Provider in India, we have implemented this action. We anticipate completing the registration process within the following weeks.” (Bybit communicated)
On the other hand, it’s crucial to mention that the suspension declared by the exchange is supposed to be temporary. This might be an effort to address the regulatory concerns and subsequently resume its operations.
According to Berit, Bybit is in the process of acquiring a license and anticipates completing this procedure within a couple of weeks.
On prior occasions, Bybit has encountered regulatory hurdles. For instance, back in August 2024, the company had to halt its operations in France due to regulatory pressure. At that point, Bybit announced their efforts to secure the required license for resuming services in the region.
Furthermore, the Japanese Financial Services Agency has cautioned five international trading platforms, including Bybit, for functioning without valid registration.
The regulatory landscape for cryptocurrency businesses in India is growing more rigorous. Officials have been enforcing stricter tax regulations, uncovering approximately $97 million in unpaid taxes from various crypto trading platforms such as Binance and WazirX.
It appears that Binance is allegedly on the hook for around $85 million, whereas WazirX and some related parties have partially addressed their tax obligations.
Over the past few months, officials in India have voiced their approval of outlawing privately-issued cryptocurrencies, such as Bitcoin and Ethereum. Instead, they are advocating for Central Bank Digital Currencies (CBDCs) as a secure and efficient means to foster financial accessibility.
It is suggested by officials that the dangers linked to personal digital assets, like stablecoins, are greater than any advantages they might offer.
Even with obstacles, the Indian cryptocurrency sector persistently expands. By 2024, India had positioned itself as one of the leading nations in the Global Crypto Adoption Index, indicating a surge in curiosity and involvement among Indian investors within the digital currency domain.
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2025-01-10 23:51