- Bybit withdrew from the French market in August 2024 in response to regulatory requirements.
- Regardless of the suspension of services, users would still be able to withdraw their money.
In light of recent legislative changes, global cryptocurrency exchange Bybit has announced the temporary suspension of its crypto trading services in India. Bybit has announced that starting January 12 at 8:00 UTC, a number of services, including cryptocurrency trading, account opening and order placement via other exchange products, will be restricted.
The stock exchange announced the move on January 10 with Village piece citing its desire to remain in “full compliance with all applicable rules and regulations” as the reason. The announcement clarified that regardless of suspension of trading services, users would still be able to withdraw their funds.
Regulatory pressure
Pressure from European regulatory authorities has also been felt by the exchange. Bybit withdrew from the French market in August 2024 in response to regulatory requirements. The exchange has stated its intention to start operations once it receives a license in the country.
The announcement states that clients will still be able to maintain their current trading positions. But they will not be able to place any new orders on the exchange. The Close-Only mode will be applied to all existing derivative positions. One can still manage closing positions, but they will not be able to add or change them.
According to Bybit, they are still in the process of working with the authorities to complete their registration of virtual digital asset services in India. They expect this to happen “in the coming weeks.”
After accusing Bybit of operating an unlicensed cryptocurrency exchange, Malaysia’s Securities Commission has demanded that the company stops doing business in the country by the end of December 2024 at the latest.
