Bybit has announced the temporary suspension of their crypto trading services in India due to regulatory developments!

ByBit is a very popular global crypto exchange nowadays. ByBit is one of the global crypto exchanges that exist today. Recently crypto exchange authorities have made a new announcement to suspend their operations in India. The main reason behind their suspension of operations is that they will work on regulatory developments and therefore temporarily suspend their crypto trading services in India. Their new suspension announcement will be effective from tomorrow morning. Bybit has announced that all operations involved in the suspension will be temporarily suspended and they will limit several services including cryptocurrency trading, account opening and ordering through other exchange products in India from tomorrow morning.

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Indian users are temporarily unable to open new trades or access any products on this crypto exchange platform during this time. And this suspension was announced mainly due to recent developments by Indian regulators. Also the reason behind this is the continuation of previously implemented restrictions. However, their operations have been temporarily suspended here so there is no reason to worry for those users who are in the country or those who have money on this exchange can withdraw their money without any problem even though the trading services have been announced to be closed.

Not only has Bybit faced such problems in India but it has also faced regulatory pressure in Europe. Last year they faced similar problems due to regulatory pressure in France. And there too they stopped their operations last year due to such problems. However, the exchange said it is continuing to work on obtaining a license in India and if it receives a new license, it will allow it to resume operations in the country. But here is the sad thing that all the users in the country will not be able to place any new orders at this time.

However, those who are trading can still manage their trading positions by closing positions. However, the exchange said it expects to continue working with the regulator to finalize the registration in the coming weeks. However, such problems are not new for this exchange as not long ago, late last year, the Securities Commission of Malaysia ordered ByBit to close its operations in Malaysia for allegedly operating an unregistered crypto exchange. However, hopefully this crypto exchange will resume its operations in India very soon. However, if you want to know more details about it, then you can read this news .