Cryptocurrency exchange Bybit
$7.99B
has decided to temporarily suspend several of its services in India due to recent regulatory developments.
Starting January 12 at 8:00 AM UTC, users in India will no longer be able to open new accounts, trade cryptocurrencies, or place new orders on the platform.
The exchange explained that the decision aligns with its commitment to comply fully with applicable laws.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What is Litecoin? LTC Easily Explained (ANIMATED)
In a statement released on January 10, Bybit acknowledged the increasing regulatory oversight in India. The statement noted:
Due to recent developments from Indian regulators and in continuation of previously implemented restrictions, <…> Indian users will temporarily be unable to open new trades or access any products on the Bybit platform.
However, Bybit clarified that users could still withdraw their funds without restrictions.
For Indian users, while new orders are restricted, the platform allows the management of existing trading positions. However, modifications or additions to these positions are not permitted.
Bybit stated, “Any existing derivatives position will be placed in Close-Only mode. This means you will not be able to add to or modify these positions, but you can still manage closing positions”.
Meanwhile, on January 8, Coinbase
$3.11B
informed its customers that the platform received a legal request from the Commodity Futures Trading Commission (CFTC). What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
