Bybit, a popular crypto exchange, has faced a major setback in the Indian market. On Friday, March 22, the Bybit app was removed from the Apple iOS App Store amid escalating regulatory concerns in the country’s Web3 domain. Moreover, on social media platforms like X, speculations swirled around a regulatory crackdown on Bybit in India.
Bybit Vanishes From Apple App Store
The crypto community was shocked when the Bybit app vanished from the Apple App Store. The exact cause behind the recent development isn’t known yet. However, netizens believe it’s due to the increased regulatory uncertainty in India.
advertisem*nt
The co-founder of Smart View AI, Pushpendra Singh, took to X and wrote, “Due to regulatory uncertainty, Today #Bybit crypto exchange app has been removed from the Apple App Store in India.” However, the Bybit app is still available on the Google Play Store for Android users.
In addition, the Bybit Pro app is also available on the Apple App Store currently. Moreover, the users who have already downloaded Bybit on iOS or Android haven’t faced any issues yet. Furthermore, the Bybit website URL is also accessible without hassle.
However, Bybit’s departure from the App Store marks a significant update amid the regulatory concerns in India. The move has sparked speculations around the forthcoming steps that the regulators would consider toward Bybit. In addition, OKX is gearing up to shut down its operations in India.
Furthermore, the Web3 community is baffled owing to the recent crackdown on the foreign crypto exchanges. The users noted that they can’t access Binance, KuCoin, Gate.io, OKX and several other crypto exchanges and Bybit was one of the digital currency trading platforms that they relied on. Hence, if Bybit was to move out of India or face a ban, these users would be affected.
Also Read:Binance Exec Held Beyond Detention Terms Illegal, Families Say
FIU’s Action Against Foreign Crypto Exchanges
In late December 2023, the Financial Intelligence Unit (FIU) initiated actions against foreign crypto exchanges operating in India. Notices were dispatched to prominent platforms including Binance, Gate.io, Kucoin, and Huobi, alleging their operation as illegal within India through offshore entities. These notices were issued under Section 13 of the Prevention of Money Laundering Act, 2002.
This regulatory move subjected virtual digital asset service providers to scrutiny under the Anti Money Laundering/Counter Financing of Terrorism (AML-CFT) framework. The FIU underscored the failure of these exchanges to meet reporting obligations to the Indian government despite being purportedly compliant with Indian law.
Furthermore, the FIU urged the Ministry of Electronics and Information Technology (MEITY) to block the websites of the notified crypto exchanges within a two-week timeframe. Consequently, in January 2024, the website URLs and applications of Binance, OKX, KuCoin, and others were rendered inaccessible. Additionally, these CEX applications disappeared from the Google Play Store and Apple App Store just like Bybit did now.
Also Read:Binance Exec Held Beyond Detention Terms Illegal, Families Say
✓ Share:
- TAGS
- Bybit
- India Crypto Law
- India Crypto Regulations
- OKX
- Trending
- Price Analysis
- BlackRock And Bitcoin ETFs Saved BTC Price, Bloomberg Analyst Claims
- Bitcoin ETFs Record Over $400M Inflows, $62K BTC Price In Sight?
- Shiba Inu Exec Shares Plan To Burn More Tokens, SHIB Price To $0.0003?
- Tether Is A Bigger Scam Than FTX, Says Cyber Capital Founder
- Bitcoin Order Books Hint at Market Bottom, Bullish Shift Ahead
- 3 Reasons Why Toncoin Price May Surpass $10 in Q4
- 5 Solana Rivals to Transform $100 to $1000 this September
- Will Solana Price Surpass $150 Ahead of Breakpoint Conference 2024?
- Turn $1000 into $10000 With These 5 Ethereum Tokens
- Can Avalanche Price Hit $50 By End Of September?
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.