Crypto exchange Bybit has secured regulatory approval to offer its services in India, marking a compliant expansion into one of the fastest-growing crypto markets. The development comes after a brief service disruption, during which the Dubai-based exchange worked to align with India’s regulatory requirements.
Bybit Resumes Operations in India
With a population of over 1.4 billion and a growing interest in blockchain technology, India remains a major market for crypto exchanges. Bybit’s regulatory approval positions the exchange to cater to India’s increasing demand for crypto trading and investment opportunities.
Today, Bybit has fully restored all services, including spot trading, derivatives trading, deposits, withdrawals, and other crypto services for existing users in the Indian community. According to the official announcement, onboarding new users will gradually commence, further expanding its presence in the Indian market.
Bybit claims its successful registration is due to its commitment to providing a secure and compliant trading experience for crypto users in the country. The exchange thanked its users for their patience and reaffirmed its dedication to ensuring a smooth and transparent trading environment.
Other Exchanges Eye the Indian Crypto Market
Despite challenges such as high taxation and regulatory uncertainty in India, Bybit is not the only exchange eyeing the Asian country. The recent approval follows a trend of crypto exchanges expanding into India.
Binance successfully secured regulatory approval in India by registering with the Financial Intelligence Unit (FIU). The move followed a $2.25 million settlement by India’s authorities for its past failure to comply with the country’s regulations.
Several other crypto exchanges continue to operate in India, navigating the country’s regulatory environment. Platforms like WazirX and CoinDCX have maintained their presence by complying with local regulations, including FIU registration and tax requirements.
Bybit Moves Despite Massive Exploit
Bybit’s regulatory compliance efforts in India follow a massive exploit that resulted in the loss of approximately $1.4 billion, marking the largest hack the crypto industry has experienced. Following the attack, the exchange has continued to work to impact the crypto community and beyond.
One of its most notable moves was a $1 million investment into Ethichub to support agriculture. Additionally, Bybit launched a hack bounty platform to track and counter cyber threats, focusing on the notorious Lazarus Group (a North Korean-linked hacking syndicate responsible for numerous high-profile crypto heists).
