Market News

Bybit Halts Crypto Operations in India Due to Regulatory Requirements

Bybit, a prominent global cryptocurrency exchange, has announced the temporary suspension of its trading services in India, effective January 12, 2025, at 8:00 am UTC, due to regulatory changes. Indian users will not be able to open new trades or access platform products, except for withdrawal functionalities which remain unaffected. This decision aligns with Bybit's commitment to comply with India's new regulatory framework requiring registration as a Virtual Digital Asset Service Provider under the Prevention of Money Laundering Act (PMLA). The company is actively working to secure this registration and hopes to resume full services in the coming weeks. Previously, Bybit had integrated the Indian digital rupee into its platform in July, demonstrating its deep involvement in the Indian crypto market. Despite facing regulatory challenges globally, Bybit is dedicated to adhering to local laws and re-establishing its services to meet the needs of its Indian customers.