Launch Terminal

Bybit Halts Crypto Operations in India Due to Regulatory Requirements

by aria-crypto.com

January 10, 2025 at 16:24


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.

Follow us on social media

Read more

>> SEC Takes Legal Action Against Helium's Developer, Nova Labs, for Alleged Misleading Claims

The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Nova Labs, the developer of the Helium Network, accusing them of issuing misleading information about their partnerships. The SEC cl...

>> eToro Aims for a US IPO: A Strategic Shift in the Crypto Trading Landscape

Israel-based eToro, a retail trading platform known for its crypto-friendly nature, is setting its sights on a US IPO, opting for the Securities and Exchange Commission for its filing rather than the London Sto...

>> SEC Transition Sparks Surge in Crypto ETF Applications, Including VanEck's Innovative Proposal

Several leading financial institutions are seizing the anticipated departure of SEC Chair Gary Gensler to file for a range of crypto-related ETFs. Bloomberg’s senior ETF analyst James Seyffart has highlighted a...

>> EU Crypto Regulation Update: DORA and MiCA Bolster Cybersecurity and Market Integrity

Cryptocurrency firms across the European Union must enhance their cybersecurity measures as the new Digital Operational Resilience Act (DORA) takes effect on January 17. This regulation applies not only to bank...

>> Digital Currency Group Faces SEC Actions Over Misleading Crypto Disclosures

The U.S. Securities and Exchange Commission (SEC) has enforced a strict $38 million penalty against Digital Currency Group (DCG) and its subsidiary, Genesis. The penalty arises from charges of misleading invest...

>> MicroStrategy Expands Share Issuance to Fuel Its Bitcoin Buying Spree

MicroStrategy is set to dramatically expand its share structure by proposing an increase in authorized Class A shares from 330 million to 10.3 billion, in a strategic move to bolster its Bitcoin acquisition fun...

>> DCG and Genesis Face $38M SEC Penalty Over Misleading Financial Disclosures

Digital Currency Group (DCG) and its subsidiary Genesis have agreed to pay $38 million to settle charges by the U.S. Securities and Exchange Commission (SEC) for misleading investors about their financial healt...

>> EU Advances in Crypto Regulation: Crypto.com Secures MiCA License for Expansion

Crypto.com has been granted a MiCA license to broaden its service offerings across the European Union, marking a significant advancement under the new regulatory framework. This approval allows the exchange to ...

>> Sony and Ethereum Collide: Exploring Blockchain in Gaming with Soneium Network

Sony's newly launched Ethereum scaling network, Soneium, could revolutionize how blockchain technology integrates with mainstream gaming, particularly with Sony's PlayStation franchises. Soneium is designed to ...

>> German Crypto Milestone: Boerse Stuttgart Secures First MiCA License

Boerse Stuttgart Digital Custody has become the first German crypto asset service provider to secure a complete license under the new EU Markets in Crypto-Assets Regulation (MiCA). This landmark license, grante...

All the latest crypto news in one place

Stay informed and up-to-date on the market's latest news with our Terminal's News Aggregator with curated news articles and analysis from over 50 sources, including the crypto's biggest publications.

Launch Terminal
news aggregator