Cryptocurrency exchange Bybit $7.99B has decided to temporarily suspend some services in India due to recent regulatory developments.
Starting January 12th at 8am 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 is in line with its commitment to fully comply with applicable laws.
Did you know?
Want to get smarter and richer with cryptocurrencies?
Subscribe – We publish new cryptography videos every week!
What is Terra Luna? History and crash description (animation)
In a statement released on January 10, Bybit acknowledged increased regulatory oversight in India. The statement states:
Due to recent developments by Indian regulators and continuation of previously implemented restrictions;<…> Users in India will be temporarily unable to initiate new transactions or access products on the Bybit platform.
However, Bybit clarified that users can still withdraw funds without any restrictions.
For Indian users, new orders are restricted, but the platform allows you to manage existing trading positions. However, changing or adding these positions is not allowed.
Bybit says, “Existing derivative positions will be placed in close-only mode. This means that you will not be able to add to or modify these positions, but you will be able to manage closed positions.”
Meanwhile, on January 8, Coinbase $30.8B notified customers that the platform had received a legal request from the Commodity Futures Trading Commission (CFTC). what happened? Please read the full text.
With a master’s degree in East Asian regional economics, political science, and culture, Aaron wrote a scientific paper analyzing the differences between forms of Western capitalism and collective capitalism in the post-World War II era.
With nearly a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles faced by cryptocurrency enthusiasts. He is an avid analyst with an interest in data-driven, fact-based content, as well as content aimed at both Web3 natives and those new to the industry.
Aaron is the go-to guy for all things digital currency related. With a huge passion for blockchain and Web3 education, Aaron strives to transform the field as we know it and make it more approachable for complete beginners.
Aaron has been quoted in multiple prominent outlets and is a published author himself. In his free time, he enjoys researching market trends and looking for the next supernova.
