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.

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

The post Bybit App Disappears From Apple App Store In India appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am